Michael D'Arcy (Fine Gael)

It is good to be here speaking about the important legislation that will be brought before the House shortly. It is also welcome that a referendum will be held on the issue. I was always of the opinion that, regardless of whether the legal advice was such a referendum was required, politically it was the right approach to adopt. The people should have the opportunity to speak on these matters and on this occasion they will have the opportunity to decide on the matter.

I welcome the Taoiseach's view that there will be only one question put to the people because in the opinion of some, if the wrong answer is given to the right question, there will be another go at it, as happened in the case of the Nice and Lisbon treaties. It is important, therefore, that the correct information is disseminated to the public to ensure they understand the consequences of passing and not passing the treaty. This is not something we have done particularly well in Irish politics and I have no doubt issues such as septic tanks and the household charge, among others, will enter the debate. What we have not done well in Irish politics is accept the consequences of a decision. In this instance, the consequences of not ratifying the treaty will be significant.

The treaty will not impose additional measures; in fact, there will be fewer. There will be less scrutiny than what we are facing in the programme agreed to with our funding partners, the ECB, the European Commission and the IMF. There will be fewer measures to which we will have to adhere when we exit that programme, if the referendum is passed. The figure of 3% dates back to the origins of the Stability and Growth Pact of 1996 and the Maastricht treaty when some countries insisted on a treaty not becoming law by a vote of Parliament. In due course we will see if the people agree with the treaty.