Aideen Hayden (Labour)

The Senator is correct. The treaty is not about being a member of the European Union and anybody who makes such a suggestion is scaremongering. However, on the question of whether it is about membership of the euro, although that may not be the case in the immediate short term, rejection of the treaty would fundamentally undermine our membership of the euro in the long term.

It has been made abundantly clear that we will not have access to the European Stability Mechanism if we do not become a party to the treaty. While we can argue the legalities of that position, it appears to be the view of most of those who have expressed a legal opinion on the matter. As a number of leading companies which do business here have argued, if we cannot access the ESM, it will undermine the attractiveness of Ireland as a location for foreign direct investment. There is no doubt that is the message of the commentary on the issue. While one can accept or deny that reality, foreign direct investment is critical to the future of the country.

I have enormous respect for Senator Sean D. Barrett, but, as he is aware, 20 years is a long time. With a little quantitative easing and inflation, we could see a dramatic turnaround in the economy's fortunes.

I commend Senator Paschal Mooney for his excellent speech. I agree that a number of questions arise, for example, as to whether the treaty is sufficient. It probably will not be enough on its own.

I welcome the greater emphasis on growth and would not have any difficult ratifying a growth treaty 12 months from now. We need measures to promote growth. The European Union has been too reticent in tackling the issues of growth and unemployment and too focused on the interests of core countries rather than those of countries on the periphery. As I have stated on a number of occasions, countries on the periphery need to come together in a wider European Union context. The treaty is not, however, the end of the story but one piece of a jigsaw. Growth and measures to address unemployment are other pieces of it.

The reality of the matter is that we are where we are. Nothing that is required of us in this document is anything greater than what is required of us already. All that will be asked of us is that there will be greater penalties if we do not accede. I take the point that it is difficult for a country to comply if it does not see itself currently in a position to be able to tick all of the boxes immediately, but there is a recognition for that in the treaty. There is a recognition that programme countries like ourselves will require greater leeway. We are where we are, as I said, and that is the bottom line. We have to look forward to a strong euro, to stabilising that euro and to taking the measures necessary to have a stable euro.