Paul Coghlan (Fine Gael)

I am pleased to have been present for the contributions of Senators Quinn and Bradford and fully subscribe to the views both Senators expressed so well.

The fiscal treaty is a matter of common sense and good housekeeping. We are all conscious of the plight of the country, from which I hope we are slowly but surely recovering. Irish people have instinctively felt part of Europe since we entered the then European Economic Community. We subscribed to the various changes made along the line and adopted various treaties. Ireland is very much part of the eurozone and is one of 17 member states involved therein. We could not countenance not being part of the euro. It is our currency and we have become more than acclimatised to it. We take pride in sharing the same currency with other countries and we would not consider returning to the punt as to do so would result in a major devaluation. Ireland would not be able to stand on its own two feet. By the same token, we could not countenance becoming aligned to sterling, as was the case in the recent past, as to do so would not serve us competitively as regards our export trade.

Being realistic about this issue, I hope the Referendum Commission will do an excellent job in disseminating proper information to every citizen. It is vital that we have a proper and informed debate on this matter because we are at a crucial crossroads. This is an intergovernmental treaty which may proceed once it has been adopted by 12 countries. This means we would be left out if we were silly or stupid enough to reject it.

Many extraneous matters will be brought into the debate. Promissory notes, for instance, are a separate issue. We must deal, in a good housekeeping sense, with the fact that we are spending €14 billion more per annum than we are generating through taxation. The treaty is a sensible exercise in good housekeeping. We have been given a number of years to get our house in order by eliminating the current deficit.

On the promissory note, which is a separate matter, we have full confidence in the Minister for Finance, Deputy Noonan, who is doing a good job on the issue. Negotiations are ongoing and, in time, I hope they will reach a successful conclusion under which the maturity date for the notes will be extended and the interest rate reduced. However, it should be recalled that the issue is not tied up in any way with the fiscal stability treaty.

It is very much in our interests to build on the steady progress the country is making. It may be slow but it is also sure. International investor confidence in this country is rising, resulting in many new investments. We are already benefiting from some much needed new jobs and we want this investment to continue. The ratification of the treaty by popular vote will be a vital step in further rebuilding the economy and enhancing our international reputation. We are at a very important stage in our economic recovery. The referendum gives us an opportunity to reaffirm our commitment to membership of the euro, to which we are committed. As I stated, no one seriously countenances leaving the single currency. We must remind ourselves of this because rejection of the treaty would place membership of the common currency at serious risk. The euro is a fundamental pillar of our economic and jobs strategy.

The stronger fiscal rules provided for the eurozone, including Ireland, are good, basic housekeeping standards which we need to reaffirm. Commitment to responsible budgeting is important because we do not want the current problems to be repeated or another Government to inherit the legacy bequeathed to the current Administration. It should be noted, however, that the Fianna Fáil Party has taken a responsible position on the treaty and is moving forward with us in the best interests of the country to have the treaty approved. Financial and budgetary management is key and intertwined with membership of the euro. These issues are of such importance to our economic health that acceptance of the treaty is more than a no-brainer. Membership of the euro and acceptance of the treaty are a get-out-of-jail card, so to speak. I look forward to the remainder of the debate.