Jerry Buttimer (Fine Gael) | Oireachtas source

I welcome the Minister to the House. This is actually a very important debate. I commend Senator Higgins on her contribution. The backdrop is that the European Commission will publish next week its economic impact statement on the effect of the pandemic on the European economy and its implications for member states. I am acutely conscious that there are differing ideologies in this debate but, to be fair to the Minister for Finance, he has been steadfast in his approach and held a steady line. Our country has benefited accordingly. I commend the Minister for his stewardship and work on the budget. It is important that we support the common backstop and stability mechanism.

This debate should be had in the context of Brexit and the Covid-19 pandemic. We should consider what has happened in the world since the eurozone was created in 1999. None of us could have predicted what transpired owing to Brexit and Covid-19. We have had three reviews of the euro. Senator Higgins is right about the review but let us not have a debate in which it is argued that we can print money ad nauseam, borrow at will and have a three-card trick like Sinn Féin can have, with each-way bets on all sides, because we cannot.

I have been struck by the debates on the US budget in the US Houses of Congress and the associated negotiations therein. The US President, Mr. Joe Biden, made a very simple remark that resonates with many of us; he said America pays its bills. Translated for us, we must pay our way as well. To be fair, the Minister for Finance, in his Budget Statement and pronouncements to date, has always made the point that we will access credit and borrow but not borrow ad infinitumand forget about the future. That is why the rainy-day fund should be commended. The Minister and former Minister, Michael Noonan, should be praised for having had the foresight to have the rainy-day fund when they were criticised by many.

When I hear Members speaking about contagion and austerity, I note that we forget one thing: if Ireland were not a member of the European Union, where would it get the money to keep afloat for a decade? I remind Sinn Féin's Senator Gavan, in particular, that the current Government, its predecessor and the coalition Government of Fine Gael and the Labour Party had to scrape to put the pennies together to keep our country going. That is the reality. I am a proud European, and I am a proud advocate, as is Senator Higgins. It is important to have these debates.

I refer Members to Article 12 in terms of the principles in the Bill, which are important. Mentioned is the issue of safeguarding the financial stability of member states and providing stability support. I encourage Members to examine Articles 14 to 18, inclusive. Has the European Union got everything right? Of course not. Have we? No. We live in an imperfect world. To be fair to the Minister, however, he has striven to seek an approach that is inclusive and mindful of our deficits and that we are part of a European Union that has put in place supports and buttresses for member states. The treaty reform is welcome. A debate is necessary but, at the same time, access to credit and to finance is equally important for us. Although we will never have a unified approach, we need commonality. We are better to be in the middle than not. I commend the Minister for his work and thank him for being here today.