Joe Costello (Dublin Central, Labour)

Regarding Senator Cullinane's query about the European Stability Mechanism, ESM, that is dealt with by a separate intergovernmental treaty. We cannot veto the ESM treaty. It is required to be ratified by member states whose initial financial contribution to the ESM is 90% of the total. All member states must ratify the amendment to the treaty on the functioning of the EU that refers to the ESM. That amendment, however, will not necessarily establish the ESM.

Senator Cullinane then referred to cherishing the children of the nation equally. How can anyone who wants to cherish the children of the nation not vote for the ESM treaty? We need it to ensure we have maximum surety and stability and can avail of the assistance of necessary funds. Without having the ESM in place, there is no guarantee that we will be able to go to the markets. Anyone in their right mind would be in favour of the insurance mechanism which is the ESM. I would have thought Senator Cullinane would have recognised that and how it is a natural progression to an insurance mechanism as contained in the treaty.

This treaty is part and parcel of the pathway forward that the Government has planned and is working through effectively. We recently had the first economic growth in the past four years. Our export markets are very effective. Agrifood businesses have done extraordinarily well with a 30% increase in farmer earnings last year. There is light at the end of the tunnel. This treaty fits into the planned pathway to recovery by providing terms of fiscal discipline, stability and structure. The Government is also focused on growth and job creation.

This treaty is a good package. It is important to sell it to the people and to ensure they know what is intended. I thank Senators for their wide-ranging and knowledgeable contributions. No issue was left out and I thank both sides of the House for their arguments. It is important we tease out in detail all the elements of a measure as important as this treaty which will be presented to the people.