Fiscal Compact Treaty will achieve stability of the Eurozone- Joe O’Reilly TD

Speaking during the second stage debate on the Fiscal Responsibility Bill in the Dáil this week, Fine Gael TD for Cavan and Monaghan, Deputy Joe O’Reilly, stated that the Fiscal Compact Treaty will play an integral part in the stability of the European markets.

‘The objective of the fiscal compact treaty and of our prudential financial management of the country is to achieve the stability of the euro. This is to be achieved through the six-pack, made up of five regulations and one directive, and the ESM treaty, which will create a permanent rescue fund, firewall or support system’ explained the Deputy.

It is heartening for all of us to have in place the combined measures of the fiscal compact treaty, the stability mechanism, the six-pack and the communiqué following the recent leaders’ meeting, which refers to a separation of sovereign and banking debt. All of these strategies are combining to stabilise the euro and the markets and there is evidence to this effect’ said the Deputy.

Commenting on reducing the Budget deficit, the Deputy said the following ‘ We have been working to ensure fiscal prudence is in place and we must continue in this vein and work with the budgetary objective of arriving at a deficit level of 3% of GDP. The budget deficit must keep coming down and we must take €3.5 billion out of the economy this year. There is no avoiding these hard realities and we have a moral responsibility not to shirk them and not to seek short-term political gain by shirking them. We would be doing an injustice to the people who elected us were we to do so.’

In conclusion, the Deputy then made the point that a sustainable jobs stimulus package needs to be an integral part of our Presidency of the Council of the European Union. ‘There is a potential lost generation of young people who will never work if we do not change things, and that is a dreadful prospect. Some 30% of people between 17 and 25 years of age in the country are not working or do not have a job opportunity and that is not a sustainable position. We need to ensure the availability of jobs and the establishment of a jobs stimulus. This should be a headline position during our Presidency of the Council of the European Union’.

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Senator Joe O'Reilly representing Cavan & Monaghan 2010. | An ExSite website