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“When you’re in a haVe you Been inJured in an aCCident? hole, stop digging”
30TH APRIl 2012 P.O. BOx 3430, TAllAGHT, DUBlIN 24 TEl: 451 3822 email: info@newsgroup.ie web: www.newsgroup.ie
Minister for Communications, Energy and Natural Resources Pat Rabbitte TD has told his Dublin South West constituency council’s AGM that passing the Stability Treaty was a necessary precondition for Irish economic recovery but was not of itself a sufficient policy response to our problems.
“When you’re in a hole, the first step is to stop digging”, the Minister said. “The next step is to haul yourself out of the hole – preferably with some help from your friends.
“Ireland went through a period of unsustainable growth, with no thought or care to the possibility of economic downturn. Our tax base was wholly reliant on the fantasy of a construction boom that would never end. We desperately need to return to a ‘good housekeeping’ system of national budget rules. There is no other way to return to sustainable growth, employment, competitiveness and social cohesion. “People argue that ‘austerity isn’t working’, as if austerity was our policy for
economic growth. It isn’t. But fiscal discipline is a necessary for pre-condition stability, and stability is a necessary pre-condition for a return to economic growth.
“Francois Hollande has spoken of the need for a growth agenda in Europe. I agree fully with that. We in Ireland were to the forefront in seeking to prioritise growth in this Treaty – in fact growth is in the Treaty's very first article. We also successfully ensured that a whole series of growth-enhancing initiatives were agreed
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by EU leaders on the very same day they agreed the Treaty. “While I welcome, for the sake of certainty, the reassurance from the Hollande camp that he will not seek to unpick the Treaty text as signed, I also welcome and share his to commitment complete the package, with additional measures to promote economic growth in Europe. These additional measures do not need to be added to the text we will vote on next month, but we do need to continue to campaign for them.
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