Ivana Bacik (Independent)

I am conscious all sorts of political points can be made about that. The language used is interesting. It is as yet unclear what it will become. It is an agreement of 26 rather than 27 member states. We know Chancellor Merkel had initially sought amendments to the Lisbon treaty, which would have been a different type of creature. We await more information. While at this stage political agreement has been reached, there remains a lack of clarity in regard to the engagement of the ECB. I note that Mario Draghi has today warned that assistance from Frankfurt is neither eternal nor infinite. Key to the success of this agreement is whether the ECB engages and at what level it will do so.

Because the contours are foggy, we cannot yet say whether it will be necessary to hold a referendum here. I would like if we could have a further debate in the Seanad when the legal text is published, at which point we might tease out the legal ramifications for Ireland and whether the constitutional referendum is necessary. As stated by the Minister for Finance, Deputy Noonan, such referendum may become a referendum on Ireland remaining in the euro. The problem for us is that this is not like the Lisbon treaty in that if one member state does not sign up the treaty collapses because even if we do not pass a referendum the other 25 member states will proceed.

Politically, I have no difficulty holding of a referendum. It will offer a stark choice as to whether we go back to the days of being swamped by a nearer and much larger neighbour, namely, Britain, or remain a member of a Union in which we are one of, perhaps, 28 countries, all of which are equal. That will be the stark choice. The alternative, namely, the return to the days of dependancy on Britain, is unthinkable.