James Geoghegan (Dublin Bay South, Fine Gael) | Oireachtas source

The antidemocratic suggestions are not being put from this side of the House.

The world around us is changing as we speak. In recent weeks and months, the postwar system that has brought us peace and security unknown to any past generation has been called into question. Our European friends and allies recognise this. Policy changes that would have been unthinkable a decade ago or even a year ago have been initiated in short order. It is in this context I welcome the opportunity to discuss Ireland’s approach to international security and international trade. Our approach to navigating a more turbulent world must be guided by two principles, namely, that economic strength is the foundation of our security and that multilateralism and engagement are always our best option. I am weary of this debate devolving into partisan discussions about defence spending, neutrality or the idea focusing on our security is a zero-sum game. Not only is this kind of thinking maximalist and misleading, but it obfuscates broader and more important points about our security.

When thinking about international security and our place in the world, we must constantly remember that, as dull as it might sound, our capacity to provide security rests on our ability to finance public spending. This capacity is a function of our economic strength and competitiveness. Debt repayment is not optional. Strong public finances are the foundation on which a strong economy and the capacity to invest are built. Interest rates play a huge role in the provision of housing, especially apartments. Higher interest rates also make it more expensive to invest in our infrastructure as our population grows and to support our population as it ages. Fine Gael has always emphasised the importance of a well-run economy and sound fiscal management for these reasons. A country that cannot afford to invest will not be secure for long even if times are good now. Our approach has borne fruit and Ireland is a beacon of strong public finances in a sea of ever-growing debt. For example, recent NTMA figures show Ireland is one of the very few countries that has significantly improved its debt position since the pandemic. We have reduced our debt-to-GDP ratio by almost 15%. In practical terms, this means we can devote more money to bettering the lives of our citizens as opposed to repaying our debts. While there are real problems that need to be addressed, it is better to face them from a strong position rather than one burdened by debt.

We are also an example of how economic openness and a commitment to trade can lift a country from poverty to wealth in a short period. There are endless statistics I could list to demonstrate this. I could simply point to the Docklands in my constituency of Dublin Bay South as a microcosm of the success and security our pro-enterprise policies have brought. However, we are all aware the real headwinds are coming as we seek to address our housing and infrastructure challenges. Ireland has enjoyed record corporation tax receipts in recent years and that is why we created the Future Ireland Fund and the Infrastructure, Climate and Nature Fund. We are now putting away billions of euro every year to provide for this uncertain future and to invest in our infrastructure. These funds are just one example of how responsible economic management will facilitate continued investment as the world becomes less secure. These choices really matter. History shows governments cannot escape the reality imposed by bond markets, irresponsible management of the public finances always ends badly and all profligate governments run out of money. What some parties promised in the election is precisely the opposite of what our country needs if we are to sustainably meet the needs of our people over the coming years. With their approach, we would end up spending more money on debt and would be less able to provide the security and services our citizens deserve. The outcome of the latest election demonstrates the public still values a responsible approach to managing the economy.

Of course, our position within the world is not just economic. Ireland is a country perhaps best known for its commitment to multilateralism and constructive engagement with partners. Any discussion of international security, trade and investment would be incomplete without discussing the importance of investing in our relationships. Some here have demonstrated they would abandon their duty to invest in our relationships for political reasons. This fortress Ireland approach whereby we do not engage with those we disagree with is another example of how some in the Opposition do not take our place in the world seriously. I was disappointed to see the First Minister of Northern Ireland, who professed she would be a First Minister for all, boycott the St. Patrick’s Day proceedings in the US last week while the deputy First Minister attended. Is signalling and gesture politics really more productive than engaging and advocating? Does it do anything to advance the interests of our citizens and of those we are seeking to help abroad or to advance peace on this island? This is not the kind of mature multilateral approach that has allowed Ireland to punch above its weight in the past and where US diplomacy has played such an important role in supporting the Good Friday Agreement, nor is the Euroscepticism we have seen from some quarters of this parish. The Irish people overwhelmingly support integration with our European partners but some parties here have resisted EU-level co-operation at every turn.

With the threat of tariffs, a retreat from multilateralism and belligerent revisionist powers on the rise, now is not the time to turn away from our partners. There is nothing to be gained from standing back and not having an Irish voice heard. If we are to provide our citizens with the security and prosperity they deserve in a more uncertain world, an unrelenting focus on the ingredients of our success, namely, fiscal responsibility, pro-enterprise economic policies and a commitment to multilateralism, must be the mission of this Government over the next five years. I am confident it will meet the scale of challenges we face.

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