Michael Comiskey (Fine Gael)

Were Ireland to reject the treaty, who would support us were we attacked again by market speculators? Moreover, who would lend money to the Government to keep running the services and to pay for social welfare benefits and the salaries of nurses, gardaí and all the other service providers? If no one will lend to us, who will fix the €16 billion deficit straight away? Doing so would cause hardship to the unemployed on a scale beyond anything that has been experienced previously. I have listened carefully to this debate, which I greatly welcome. In particular, I listened to the contribution from Senator Ó Murchú, who spoke of how some people may not have €100 in their pocket at present. Members know of many such people throughout the country. What if, as a country, we were in such a position and did not have the money to pay for the aforementioned services? Senator Ó Murchú also mentioned the time when one was obliged to go to one's bank manager cap in hand. Perhaps, had people been in that position in the recent past, our country would not have been allowed to slip into its present state. We have been led to this point by the lending of money by reckless banks to people for mortgages. When such people were getting their mortgages, the banks also invited them to borrow more money to buy cars or jeeps, to build a garage or to carry out some other work, and this was a new phenomenon in Ireland.

Members are aware of how good Europe has been to Ireland in the past, particularly in respect of the agricultural sector. Ireland has benefited in a range of ways and I note the single farm payment has brought in billions to the country. Moreover, I refer to our exports across the world and to European countries in particular, where we export 90% of our produce derived from agriculture. Another very important point concerns the Structural Funds received by Ireland and down through the years, Members will have seen the signs along the roads showing where such money was being put in place by Europe.

It is extremely important that we remain good Europeans and stay with Europe. We must look forward and create jobs but cannot do so without having in place the necessary funding and money. If we are to do anything to stop emigration, it will be important to look in that direction. Some people might argue that Ireland will lose its sovereignty but it is better to lose one's sovereignty in the short term - I note it is lost at present anyway - in a manner that would allow the Government to avoid sacrificing the children in the future and to have in place the necessary funding for the future.

As stated previously, it will be very important to stay with and support the euro. This would take away the fear felt by people a number of months ago when the euro was under threat. I am sure all Members shared my experience of people knocking on my door and wondering what they should do. They were wondering whether they should move money out of the eurozone or buy sterling or whatever. Considerable fear existed and this measure will dispel it. It also will give Ireland greater bargaining power when the Government is negotiating at the European table, as it has been in recent years. It will give it bargaining power to maintain its position. Moreover, as many speakers already have mentioned, this treaty is an insurance policy for Ireland for the future.

I agree this treaty forms only part of the solution and it pertains to better management of national budgets to restore our confidence. This will go hand in hand with greater efforts to support growth across the rest of Europe. This is what the Government is working towards in Europe in its efforts to create new markets and to reduce bureaucracy and red tape. The Taoiseach also has made clear that this is a once-off decision. Ireland cannot prevent other countries from ratifying the treaty and the train is leaving the station next January. It will leave without us and consequently, it is extremely important that Ireland be on that train.