Aideen Hayden (Labour)

I draw Senators' attention to the fact that the treaty title, Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, does not refer to growth, water charges, carers or any of the other issues raised by Sinn Féin Senators. Europe has been much too slow to take action on the euro and the current process is an attempt to bring under control the tsunami that has hit the single currency. For this reason, the treaty is long overdue. Given the control the troika exerts over Ireland, the points made about sovereignty are nothing more than rhetoric.

On the requirement to produce regular reports, I remind Senators that member states have been required to submit regular reports to the Commission since we signed the Maastricht treaty, which was not yesterday or the day before. While Ireland will be subject to greater scrutiny, so too will other member states.

It is nonsense to suggest membership of the euro is not in the country's better interests. Any step that can be taken to improve the stability of the single currency is good news. Senator Trevor Ó Clochartaigh is correct that we are facing a crisis. The number of European states with a triple A rating has fallen dramatically and now stands at only three. We are in the middle of a crisis and the sooner the European Union takes the measures required to get us out of it, the better it will be for the country. Ireland's position as a small, open economy makes comparisons with Sweden, the Czech Republic, France and Britain irrelevant.

The euro has been highly beneficial for Ireland. Before we joined the single currency, we were buffeted on the seas of economic crisis. For example, inflation was rampant in the 1970s and there were currency problems in the late 1980s and early 1990s. Within a short number of years the value of the punt had declined from £1.20 sterling to 80 cent. Stability is what we need if the country is to recover. The treaty is a very important part of regaining stability.