Trevor Ó Clochartaigh (Sinn Fein)

I do not believe that argument washes well. As has been pointed out by Senator van Turnhout, the fiscal rules would not have helped the Celtic tiger situation or prevent it from happening, and it could happen again. There is huge confusion around what a structural deficit is and most economists do not seem to be able to agree on it.

The argument being put forward that these types of economic policies are actually working is something we completely refute. The Dutch and French credit ratings have been downgraded by Standard & Poors and other rating agencies. Only Germany, Luxembourg and Finland have not been downgraded. Our argument is that austerity is hurting the Irish people and is not working across Europe. We need to say "No" to the treaty so that we can find a political solution that will be fair.

I would like clarification from the Minister of State on whether an equal amount of money is being spent on both sides of the argument on the Government website. If not, does it potentially contradict the McKenna ruling? The Government seems to be telling us we need the ESM as a safety net but when we went in to the first bailout we were told there would only be a need for one. The Government should tell us if we will need a second bailout. If we will not it should not be using the argument that the treaty is a safety net because its skews the argument.

We need to note some quotes by people such as Angela Merkel. She is right when she says the rules are designed to be permanent and binding, valid forever, never to be changed by a parliamentary majority. The Government has chosen the path of austerity but the people should reject its attempt to tie the hands of future, more sensible Governments. What this will do is enshrine in constitutional law in Ireland the austerity and economic policies being put forward. Sin an fáth go bhfuilimid ag cur i gcoinne an reifrinn seo agus cuirfimid i láthair tuilleadh argóintí nuair a bheidh Céim an Choiste ann. Táim an-bhuíoch den Chathaoirleach faoi bheagán am breis a thabhairt dom ar an cheann seo.