Michael Mullins (Fine Gael)

I join in welcoming the Minister of State at the Department of Foreign Affairs and Trade, Deputy Costello, and wish him well in his new role. He takes up office at a difficult and challenging time. Let me assure him that we will sit for seven days if that is what it takes. In a few weeks time on 31 May the people of Ireland will be called on to make a decision that will have major implications for our country and Europe for decades to come.

I welcome the fact that we in the Seanad commence the debate on the legislation that will enable the holding of the referendum on the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union. The key word of this treaty is "stability". As Members will remember that was in short supply in the second half of last year as Europe and the euro currency came under sustained pressure. We saw what happened Greece. We saw the ratings downgraded, even in previously strong countries and global economic powers came under severe pressure.

We are all aware that our the friends and neighbours were worried whether their savings were secure in the banks. They asked whether they should change their money into sterling or dollars. In the past six months much work has been done to address the eurozone crisis in terms of early warning systems, better financial regulation, bank recapitalisation and putting in place the supporting architecture that many feel should have been in place when the euro project was first initiated. In recent months, member states negotiated an agreement that has the status of an international agreement which commits 25 states, including all eurozone members, to responsible budgeting and working together to help each other. This agreement is the stability treaty that the Government is asking the people to support on 31 May.

There are three key elements to this stability treaty for Ireland. First, it is about ensuring a stable euro and building confidence abroad, particularly with those investors that we so badly need to invest in major job creation projects in the country, so that we can reduce the totally unacceptable current levels of unemployment and help to keep many of our fine young people at home. We welcome the very significant job announcements made in recent times throughout the length and breadth of the country, which have come about as a result of our improved political and economic stability. Second, this treaty is about managing our debt in a way that over time, less taxpayers' money is going into the servicing of that debt. It is about good housekeeping and living within our budgets, but having an element of flexibility to cater for exceptional circumstances. We can never again have a repeat of the recklessness that brought us to the brink of bankruptcy. Third, this treaty is about having an insurance policy and ensuring that we have access, if we need it, to the ESM funding that we may need to fund public services and general Government spending, such as paying public servants, to whom Senator White referred. We hope that we can return to the markets, standing on our own two feet next year.

Support for this treaty is support for the Irish economy and growth. It is very significant that in recent days key representatives of business, the multinational sector, chambers of commerce and the IFA have come out strongly in favour of the treaty. They know that membership of the EU and a stable euro are critical for exports, jobs, inward investment and economic recovery. I find it very regrettable that some trade unions are urging the people to vote "No". I always thought the protection and creation of employment and the development of the economy were the first priorities of every trade union. I hope the Irish Congress of Trade Unions will strongly back this treaty in the coming weeks, in the interests of the country and of its membership across various sectors of the economy. Every union member has a vested interest in ensuring we have stability and job creation and that the euro is safe.

The Irish people will have a major decision to make on 31 May next. They will have to decide whether they want this country to remain at the heart of Europe, contributing to the strengthening and stabilising of the euro. They will have to reflect on whether they want Ireland to be able to access funds in the unlikely event that it will not be in a position to return to the bond markets as soon as we hope. They will have to choose whether they are in favour of rules-based economic stability, certainty and investment, which I believe are needed for economic recovery. Most importantly, they will have to consider the merits of avoiding a step back into the unknown, into isolation and into the financial and economic instability that brought us to the brink of collapse in recent years. This treaty will not resolve all the eurozone's design faults, but it will represent a major step in the right direction.

I commend the Fianna Fáil Party on supporting the treaty and recognising its importance in stabilising the euro and helping to bring about economic recovery. I would like to challenge our Sinn Féin colleagues by asking them to reconsider their position on this treaty. This is about our country and our future. They should set aside their policy of protest on this matter. They should look at the bigger picture. This is a time for real patriotism rather than short-term political gain. Our future is within an expanding and developing Europe. We all want to see an increased focus on tackling the jobs crisis in the EU. The Irish people expect Sinn Féin to play its part in encouraging the investment that will help to create employment and stimulate growth.

I look forward to a full and constructive debate in the coming weeks. I welcome the Government's commitment to ensuring the people are fully informed about all aspects of the treaty. It is very important. I welcome the establishment of a website in recent days. It is right that every household will receive literature explaining the treaty in great detail. I am pleased to support the treaty. I urge the people to vote for recovery and stability by giving a resounding "Yes" vote on 31 May next. If we all work together, we will ensure the economic recovery that is beginning to happen in this country accelerates in the coming months. On behalf of the Fine Gael Party, I am pleased to urge all Senators to support the Bill before the House.