Róisín Shortall (Dublin North West, Labour)

I appreciate this opportunity to address the House on the Thirtieth Amendment of the Constitution (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) Bill 2012. I thank all Senators for their contributions during the debate. This is an extremely important Bill as it will facilitate the holding of a referendum on the stability treaty on Thursday, 31 May.

This treaty is very important for the future of our country. For one thing, it is about making sure that the costly mistakes of the past are not repeated again. This treaty is about our future and it is part of a package of measures and initiatives aimed at securing that future. It is about getting a sustainable, fair and people-focused economy here in Ireland and across Europe.

The decision that the Irish people will take at the end of May will have real consequences for the future of this country. We in the Government believe it will say a great deal about where we stand, about our aspirations for the future, about who we are and where we are going. The Government is determined to fully equip the Irish people with all the information and understanding they will need to make an informed choice on 31 May. For that reason we have launched the most comprehensive Government information campaign held to date for a European referendum.

Last week, we launched a dedicated website - stabilitytreaty.ie - so everyone can read the treaty and have it explained to them article-by-article. The website is available also in mobile format. In early May, a copy of the treaty with explanatory material printed in both Irish and English will be delivered to every home in the country. Closer to polling day, every home will get another information leaflet to help make their final decision as well-informed as possible. We will spare no effort to inform the Irish people. The debate under way in this House is a vital part of these efforts.

I would once again like to pay tribute to the sub-committee of the Oireachtas Joint Committee on European Union Affairs, and to its Chairman, Deputy Hannigan, for their work both before and since Easter in debating the stability treaty with a large variety of speakers. I know Members here are playing an active part in its deliberations. Their work has been invaluable in informing the debate. The public has also been hearing many of the arguments around the treaty for the first time and I believe that we have made a very good start in involving voters in a healthy and informed debate on the real issues that are at stake in this referendum.

The Government firmly believes that the stability treaty is an important opportunity to reaffirm our commitment to being at the heart of the eurozone and the European Union. It is in the interests of Ireland and its people, and it is as simple as that. The very first article of the treaty states that its purpose is to support the achievement of the European Union's objectives for sustainable growth, employment, competitiveness and social cohesion. This is a treaty on stability and is about ensuring a stable euro. It is about confidence abroad and maintaining and enhancing the influence we have been rebuilding with investors, job creators and our European partners. I wish to mention in particular job creating investors, from whom so many great job announcements have come in recent months; PayPal and Apple being two great examples among them. Their decisions have been thanks to the determination of the Irish people, the stability restored to our economy and our place at the heart of the eurozone. They know where we stand on that.

The stability treaty is a vital piece of the jigsaw as we look to get Europe back on track. It will not solve all our problems on its own. Nobody is claiming that it will. It is part of a much wider picture. For Europe to move beyond its current difficulties, there needs to be a balanced approach with equal focus on the growth and jobs agenda. I think we all agree with that. This view has gained widespread support and recent meetings of the European Council at the end of January and at the start of March have been firmly focused on the jobs and growth agenda, and have identified key measures needed in order to drive that forward.

The Government played a key role in pushing this growth agenda. We have long argued that discipline and reform, however necessary, could never be sufficient on their own to get Europe back on track and back on the road to economic recovery. Thanks in no small part to the arguments we have advanced, there is now a sharp focus on the need for an active growth and jobs agenda at the highest level within the EU. It is absolutely essential that this remain the case. This is the context in which the treaty must be seen. It is an important part of a wide and committed range of action by the EU to address and resolve the crisis it has faced.

There are those who wrongly claim that this treaty is about austerity. My firm view is that voting "No" will not help Ireland's recovery, but will hinder it. Let us be clear about this. Even if we were not party to the treaty, as a matter of proper economic management, we would have to reduce our indebtedness over time. Those who make claims about the treaty imposing austerity seem to believe that we can run a deficit for ever, or accumulate debt without limit. We simply cannot do that.

The stability treaty is about good housekeeping. We regard the creation of strong rules on budgetary matters in Europe as necessary to restore stability and confidence to the euro, and as entirely consistent with the work we are doing at home. Much of what is in the treaty is already in the existing EU treaties and laws.

Finally, this treaty is about having an insurance policy or safety net, making sure we have access, if needed, to the ESM funding that allows us to fund those public services and all government spending. We are determined to return to the financial markets next year to raise money on our own again like we did before. We are on target with our programme but we are far from immune to global economic events. Markets need to know that there is a backup in the form of the European Stability Mechanism and we can only access that if we ratify this treaty on 31 May.

Some opponents of this treaty try to argue that linking the ESM to the treaty is some form of blackmail. This is fundamentally disingenuous in my view. Let me be very clear about this. Ireland did not seek this link in the negotiations but, if I am asked if it is unreasonable, I say that it is not. It is logical that those who are prepared to offer financial support in time of difficulty should be assured that those receiving it are prepared to run sound and sensible policies.

The Government is putting hard questions to the advocates of a "No" vote. Who would argue that it is in Ireland's interests to be excluded from the ESM and advocate that we should invite the uncertainty that would bring? Most of all, what are the other sources of funding that opponents claim are alternatives? There simply is none. This is a treaty that will contribute to our recovery, ensure economic stability for the country and our currency and contribute to the restoration of confidence in Ireland as a good and secure place in which to invest and do business.

The decision in the referendum on 31 May will be an important one for Ireland and the Government will be making the strongest possible case for ratification. We will be making it absolutely clear that ratifying the treaty will build on the progress Ireland is making, including in restoring investor confidence. We will be joined by many elements of the Opposition and many civil society organisations. We are hoping for a calm and informed debate, with a positive outcome. I look forward very much to playing my part in achieving that object to ensure a stable euro, investor confidence and recovery. I, therefore, urge the House to pass the Bill. I again thank all the Senators who contributed to the debate.