Speech by YFG President Patrick Molloy at Fine Gael Rally

 

Paddy Molloy, President YFG Source: http://yfg.ie/euref/?p=769

The following is a speech by Patrick Molloy, President of Young Fine Gael at the National Fine Gael Rally on Sunday 27th of May.

 

On the 31st of May we have an opportunity.

An opportunity to banish uncertainty and cast aside the doubt that has plagued the country for many years and could plague this generation for years to come unless we vote yes.

In voting yes on the 31st of May we continue on the path to recovery. A path where Young Irish Men and Women will look to Ireland for their future, no longer looking for opportunities to leave, but rather taking and creating opportunities here at home.

For generations of Irish men and women Thursday’s vote will determine their future. On March the 9th 2011 Fine Gael and Labour entered into Government and took it upon themselves to reconstruct our country and our economy. We are building a new beginning.

This treaty is the continuity and certainty that this country needs but most importantly it is the certainty that my Generation needs.

We must provide a basis for strong fiscal governance that does not lend itself to short term gain at the price of a generations future. People starting their careers will have the opportunity to progress and further their ambitions in a confident and competitive Ireland. An Ireland in which fiscal governance ensures our economy can grow in a stable way.

What is being advocated by others, constitutes an act of simple self-promotion, driven by political ambition. We have a real alternative of smart fiscal governance and an insurance policy which will generate investor confidence.

People keep talking about stimulus packages but in small open economies, building investment and jobs are the only stimulus packages which work, and work right now.

We have seen many large Multi-Nationals invest in Ireland and setup or expand here. 13,000 new jobs have been created since January 2011, since 2010 jobs numbers are up 20% and for the naysayers, in the same period job losses down 25%.

These are the jobs that young Irish people want and need. These are the places where the future job creators and innovators learn the skills that help build the indigenous Irish business of tomorrow. Facebook, Twitter, Google, Paypal, LinkedIn, Intel – job creators, innovators, inspirers who instil confidence in the Irish economy and hope in the minds of my friends and I. These companies believe in Ireland and believe in the workforce we are training.

Our strength has always resided in our work ethic, our ability & willingness to trade & our openness to the future. For generations gone by, Ireland has always depended on these strengths, for our generation these are supplemented by a complete willingness to be a part of a new beginning. We must build on this new beginning and not let a single opportunity pass our country by. For my generation, these opportunities are crucial.

Young people in Ireland are deeply committed to the future of Ireland, they are innovative and invested in fixing Ireland.

We have an opportunity to build this new beginning , to compete once again on a world stage, to build towards a sustainable future where the choices people make are not dictated by the fluctuations in our economic cycles but by their own free will.

Secure this New Beginning,

Secure this future.

Secure our future,

Vote yes

Great speech!

 

Memes, Cow’s and The Yes Vote

Staying up late on Facebook (admit it you do it to), I came across a conversation between two of my friends (Lucy and Fran in UCC YFG), who have obviously being concentrating on the upcoming Treaty Referendum on May 31st as much as their exam in the morning! They produced some great Memes from a conversation about canvassing at a mart and putting rug on a calf (I’m now informed they are called calf jackets – thanks Tom!) with a slogan on it! This is what the conversation produced! I wonder what else will come out of their exam riddled brains during the campaign!

Keep up the good work girls! Good luck in the exams also!

Why I am Voting Yes – For Stability

A number of people have asked me why I am voting yes in the upcoming referendum on the Stability Treaty (Fiscal Compact, whatever you want to call it!), so I have decided to do a series of posts on why I am voting Yes. Here is the first part of the series.

One of the main reasons I am voting yes to the 30th Amendment to the Constitution on May 31st is to ensure Ireland has stability in the future. If we do not have access to the European Stability Mechanism (ESM) we put this at risk, in my view.

We are going through a tough time as a country at the moment, with the Troika (IMF, ECB and the EC) here telling us we have to cut spending and raising taxes to meet certain targets. We need to hit these to enable us to return to the markets.

If we do not accept this treaty we will not have access to the ESM, which will have more money available to us then the IMF.

While we will still have access to the IMF, we will not get the same level of funding as we did last time. It could mean a tougher time for us as citizens. UCD Economist Karl Whelan recently explained this on Morning Ireland

Ireland could apply to the IMF for funds. However, people need to  understand that the IMF has its procedures in which is assesses how much money it’s willing to lend to a country. How much money they’re normally willing to lend a country, depends upon what’s called the size of a country’s IMF Quota. They normally will lend maybe three, four, five times a country’s Quota. They’ve already loaned Ireland, fifteen times our Quota. So that is well beyond their normal behaviour. Now why did they do that? They explained why they did that. They said that because Ireland has this additional support from Europe, they think that they’re not in as much, in as risky a situation. So we are now talking about, in addition to those loans that we already have from the IMF, will they give us far more than that, because now instead of being one third of the current bailout, they would have to be all of what’s afterwards. Most likely in that situation, what the IMF would do is deem Ireland’s debt situation to be unsustainable. The only way I think that they would be willing to lend to us, is if they say oh yeah, these guys are not going to be able to pay back all their debts. So you will see the existing debts, the sovereign bonds that we’ve issued to private investors, will at that point most likely be restructured. At that point they may be willing to think about, after a default, and we are shut out of financial markets for a number of years, they may be willing to give us a small amount of money.

So that means we have the possibility of a default if we do not vote Yes. Also possibility of a default means that we have a chance of having more austerity then less. As Karl Whelan again pointed out on Morning Ireland,

I think a most likely outcome of a No Vote that isn’t in any way reversed, and we just say we don’t want to borrow from the ESM, the most likely outcome from that is a large scale sovereign default, followed by possibly a small IMF Programme that would see the country have to run a zero budget deficit very very quickly. In other words, far more Austerity. So people who think they’re Voting No because they don’t like the Austerity, need to understand that it is more than likely that a No Vote would being us more Austerity in the near term than a Yes Vote.

So to avoid this scenario and to provide stability to the Irish Economy in Future, I am voting Yes on May 31st.

The Referendum Question wording

Campaign posters in St Stephen's Green, Dublin
Campaign posters in St Stephen's Green, Dublin (Photo credit: Wikipedia)

The wording of the Referendum was published in the Dáil Order Paper for today (PDF) .

You are being asked if Ireland may ratify the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union.

The Thirtieth Amendment of the Constitution (Treaty on Stability, Coordination and Governance in the Economic and Monetary Union) Bill 2012 proposes to insert the following subsection after subsection 9° ofArticle 29.4 of the Constitution:

‘10°The State may ratify the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union done at Brussels on the 2nd day  2012. No provision of this Constitution invalidates laws enacted, acts done or measures adopted by the State that are necessitated by the obligations of the State under that Treaty or prevents laws enacted, acts done or measures adopted by bodies competent under that Treaty from having the force of law in the State.’.

IF YOU APPROVE of the proposal, mark X opposite the word YES on the ballot paper.

IF YOU DO NOT APPROVE of the proposal, mark X opposite the word NO on the ballot paper.

So now we know what we will be voting on.