Seanad debates
Tuesday, 24 April 2012
Thirtieth Amendment of the Constitution (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) Bill 2012: Committee and Remaining Stages
The question being levelled at those who oppose the treaty is where we will get the money. I will deal with the issue and pose a number of questions to the Minister of State in that regard. The first consideration is access to the European Stability Mechanism, ESM, funding, which must be approved by the Oireachtas. The Taoiseach and Tánaiste have indicated that the Dáil will not make any decision on the ratification of the ESM until such time as the people have their say on the fiscal compact treaty. If we say "No" to the fiscal compact treaty, as I hope we do, I do not believe any Irish Government will accept the terms of the ESM treaty. The fiscal compact treaty is intergovernmental and we can simply opt out, as is our choice, with other countries proceeding with the terms if they so wish. Britain has opted out, as it saw this as sensible and in its own interest.
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