Brendan Howlin (Wexford, Labour) | Oireachtas source

The Deputy is well versed in developments in the European context in the past three years. Ireland has signed up to the Stability and Growth Pact, which has become part of the constitutional architecture of the State. Eurozone countries have mutual oversight of their budgets to ensure the common currency is protected and countries such as Germany, Greece, France and Italy do not engage in profligacy that will have an impact on us and our capacity. Similarly, other eurozone countries have oversight of our budget in a new set of mechanisms known as the six-pack and two-pack. These will ensure the disastrous mistakes that led Ireland to the brink of economic collapse will not be repeated. The Oireachtas must take these developments to heart by allowing much more transparency in the way in which the budgetary process and cycle evolve. We must break the tendency of Governments to spend money in the run-up to general elections and act in a more parsimonious manner immediately thereafter. Real analysis of public expenditure is needed to put taxpayers in the picture.

See this speech in context