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

 

12:00 pm

Photo of Ivana BacikIvana Bacik (Independent)

I did not interrupt the Senator. It is worth making the point that this is not a simple and straightforward divide. There are many parties and individuals on the left in favour, just as there are many on the right and on the far right who are opposed to the treaty. The potential incoming French President has made the point that he will include more elements of growth in the treaty, which is something we argued for from an Irish perspective. Page 1 of the preamble to the treaty refers to growth. The Library and Research Service gave an excellent briefing to Senators in advance of our previous debate on 14 March. A key point I took from the briefing was that 90% of the content of the treaty has already been agreed and is in place through existing measures such as the Stability and Growth Pact. Therefore, there is not a great deal that is new in the treaty.

I agree with Senator Mooney that none of us in favour of austerity. How could we be? To speak of the treaty bringing in decades of austerity is not helpful to the debate. What the treaty is trying to do and what those who negotiated it are trying to do is to fix the causes of austerity. This is only part of the jigsaw of different measures and nobody is saying this is the golden solution; far from it. We have to be realistic, but it is one way of trying to hold the euro, which is our currency, together. Yesterday, Senator Barrett made an eloquent speed about the flaws in the original design of the euro but, as I said in response, we are where we are. We must move on with what we have and try to shore up our currency for the sake of the people and the economy to ensure jobs and stability are maintained and we move towards growth. It is helpful that we have a measured and reasonable tone, that we do not shout abuse across the Chamber at each other on this issue and the debate at national level is conducted in the same way. That is what we would all hope for in the debate. On Committee Stage it is useful to reflect on the actual words in the Bill.

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