By voting “yes” on the Fiscal Compact, the Irish sent a strong message in favour of sound budgeting and a stable euro. We have a shared responsibility for Europe and our common currency, the euro. By voting “yes” on the Fiscal Compact, the Irish have made a clear commitment to that shared responsibility.
The Compact’s rules provide that all member states of the eurozone introduce debt brakes and commit to sound budgeting. Only in this way can we prevent a sovereign debt crisis from happening again in the eurozone.
Ireland has made huge progress on its thorny path out of the crisis. This success and today’s vote strengthen confidence in our currency and help our joint efforts to generate more growth in Europe.
Ireland was the fourth eurozone member state to ratify the Fiscal Compact. It will enter into force as soon as twelve eurozone members have ratified.
Now it is Germany’s turn to follow suit before Parliament’s summer recess. Many EU member states are now turning their eyes to Germany and will speed up ratification if we Germans set a good example.