Jim D'Arcy (Fine Gael)

We must pass the fiscal compact treaty to remain at the heart of the euro. Ireland is the only English-speaking country in the eurozone, which is an advantage in attracting foreign direct investment. I am from Dundalk where it has just been announced that 1,000 jobs will be created by PayPal. I am not saying the Government was totally responsible for this. I make the point because Senator Terry Leyden referred to Frank Aiken who brought the shoe factories to Dundalk. He was a good man. I was very impressed by the contributions of Fianna Fáil Members to this debate. I said to myself: "Here is a party which is going back to its roots." I welcome its support for the treaty.

It is said we should not go any further on this course. However, I was struck by what Giovanni Trapattoni said last week when he was asked if he was going to change course. He said he had set his course, that he knew what he was going to do and that if he was to change course, they would hit the rocks. I believe something similar. I do not suggest the rejection of the fiscal compact treaty would have a single calamitous effect, except that were we to change or fail to remain on course, we would hit the rocks. We would have access to the European Stability Mechanism, were we to need it. As Ireland is paying its way so well, perhaps in time we might drop the word "bailout" and state we have paid our way. A bailout is when one does not pay one's way. Perhaps in time we might collectively be able to state we paid our way.

I was impressed by the point made by Senator Thomas Byrne when he stated Members would be obliged to go a little deeper into what was meant by the term "structural deficit". It is a complex concept that will come up during the debate on the treaty. If I may again quote popular culture, it is akin to the episode of "Father Ted" in which Fr. Dougal is asked whether he has a problem with anything in religion. He replies that he does not, apart from "this God thing". Perhaps deeper consideration must be given to this concept in order to explain it to the people.

I have listened to the debate, the contributions to which have been excellent. It constitutes a further step taken in the Seanad towards explaining the proposed treaty to the people and having it passed for the good of the country.