Michael Noonan (Limerick City, Fine Gael)

We had a constructive debate on the importance of the European Stability Mechanism Bill as it passed through Second, Committee and Report Stages. I thank the Ceann Comhairle and the Deputies who contributed to the debate, as well as the officials involved in the passage of the Bill through the House.

Ireland's ratification of the ESM treaty is important, not only to facilitate, in the public interest, the financial stability of the European Union by establishing the ESM but also to ensure in the future that Ireland will have access to a credible funding backdrop, should it ever be needed. This is important in terms of Ireland's re-entry to the markets and leaving the EU-IMF programme of support.

I have stated on numerous occasions that this is a time for unity among euro area countries to ensure fiscal stability. I reiterate that Ireland must play its part and stand in solidarity with its fellow euro area members both in the interests of this country and the interests of stability in the euro area. Therefore, I urge Deputies to support the European Stability Mechanism Bill 2012 which I commend to the House.

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