Kathryn Reilly (Sinn Fein) | Oireachtas source

We believe, however, that it is a step in the wrong direction. Unemployment is higher than ever since we started making the adjustments a few years ago. Almost all the social and economic indicators tell us that we are not on the right path, yet here we are in the national Parliament going to write these same failing policies into law. That is what I have a problem with and why we will be opposing this Bill.

We must now look at how practical this legislation will be. Public debt is still increasing and by the end of the year it will be at a debt-to-GDP ratio of 117.5%. It will subsequently hit 120%, which is not a fiscally responsible place to be. The policies that are keeping the domestic economy in recession are not fiscally responsible. The Stability and Growth Pact was dubbed the austerity treaty.