Martin Conway (Fine Gael)

I apologise for being late for what has, no doubt, been a healthy and fruitful discussion. Having called for this debate, I am pleased to speak on the treaty. When the fiscal compact was signed, I took the view that holding a referendum would be healthy. If the Government had ratified the treaty without a referendum, it would have been accused of preventing the people from having their say on it. When they are given the opportunity to express themselves on important issues, they give wise counsel and due consideration, show great care and examine the facts. We need a meaningful debate that is focused on the subject matter of the treaty as opposed to extraneous, albeit important issues. When a referendum is held on a specific issue, the subject matter should be discussed. I regret this has not always been the case in recent referendum campaigns.

In the weeks leading up to 31 May I hope we will have an exercise in democracy in which information is distributed correctly, through the proper channels and by the appropriate sources. In that respect, I understand An Post has been awarded the contract for distributing leaflets, which is the correct means of disseminating information to 1.6 million households.

The first 50 years of the 20th century were difficult and traumatic for Europe, whereas the latter half of the century was much more settled. The Continent has experienced another turbulent period recently, in which we have had a financial war, if one likes, with banks and credit institutions arising from greed, light touch regulation and the absence of proper management and monitoring. While we can correctly accuse the previous Government of failing in this regard, these problems extended across Europe as credit institutions, banks and big business were allowed to set the agenda. When member states work together in co-operation, they have been highly effective. Recent turbulence has brought us to a position in which we must tighten the rules and embrace an insurance policy. The fiscal compact treaty is such an insurance policy and will ensure the events of the past decade do not recur in the coming decades.

Irish people have benefited significantly from the country's membership of the European Union. While we may be a drop in the ocean, as it were, we have had a significant ripple effect in Europe in terms of our influence across the Continent. We have a choice of being Europeans on the periphery or at the core of decision making. The treaty is as much about consolidating our place in the European Union and ensuring it has confidence in us and realises we are dedicated, committed, total Europeans rather than "minus two" Europeans. It is crucial that we are seen to be perfectly and totally committed to the European model in all senses. While the insurance policy is one issue, confidence is another.

I am a committed and proud European and Irish person. I am glad Ireland operates in a properly regulated, managed and controlled European framework. There is no alternative to voting "Yes" to the European fiscal compact, a treaty which provides a set of rules that were decided by the European Union in consultation with all parties, including the Government. We are happy with the document. Having read it in detail, I note it is well thought out, balanced and focused. The treaty will ensure what happened in the past will not happen in the future. We owe it to future generations, our children and grandchildren, and those who have confidence and faith in this country and are willing to invest their hard earned money in it to accept the treaty. If China, the United States, Middle Eastern and other European countries are willing to invest in Europe, we must prove we are dedicated and demonstrate that Ireland should be the channel through which they will forward their hard earned money into the European Union. I have no doubt we will play a pivotal role in the future of the Union. This referendum is very much a deciding factor. I dread to think what will happen if Ireland does not vote "Yes" on 31 May.