The Fianna Fáil members of the European Parliament, Pat the Cope Gallagher, Liam Aylward and Brian Crowley have today said that the economic interests of Ireland are best served by voting Yes for the Stability Treaty on May 31st.

Pat the Cope Gallagher MEP said, “This Treaty is designed to ensure that countries work towards balancing their budgets, which is good housekeeping.  At the same time the Treaty has built-in flexibility to allow for different circumstances. The Stability Treaty is part of a package, which includes EU legislation to strictly regulate banks and financial markets, to ensure that the Eurozone has a more stable future. The quicker we can stabilise the Eurozone, the quicker we can build economic recovery within the Eurozone and in Ireland.”

Liam Aylward MEP said, “Ireland’s future lies within the Eurozone. Ireland is now exporting €37 billion worth of goods and €26 billion worth of services annually to Eurozone countries. Export led growth is one of the ways that Ireland can extricate itself from the economic difficulties that we face. We can achieve more by working together within the Eurozone than by moving in different directions. Those who oppose the Treaty should spell out clearly where Ireland can borrow money internationally if we are not part of the Stability Treaty or cannot access the ESM. And crucially, what rates will Ireland be forced to pay to raise funds on the open market if we do not have the safety net of the ESM.”

Brian Crowley MEP said, “I welcome the fact that there is now a greater emphasis on backing new growth incentives in Europe. But fiscal discipline and growth enhancing measures are two sides of the same coin. They are complementary policies, but EU Governments have to be very smart as to how they spend taxpayers’ money, particularly at a time of budgetary constraint. Nothing is served by voting No except to put Ireland into an isolationist cul-de-sac- in Europe.”     

The three Fianna Fáil MEPs concluded by saying that there is no room for complacency from the Yes campaign with less than two weeks to go. The MEPs urged people who back this Treaty to come out and vote Yes on May 31st. A low turn-out will not favour a Yes vote.