“We are here today to officially launch the Labour Party campaign for the Stability Treaty referendum, the reality is that up and down the country Labour representatives and party members have already been working hard, knocking on doors to ensure a significant Yes result in the forthcoming vote.

“We have been working hard to ensure that people know the Treaty is about the euro in their pocket and about putting our currency on a long term stable footing. When people are advocating a no vote they are asking people to take a leap in the dark which will put this country back into the eye of the political and economic storm.

“I welcome the election last weekend of our Party of European Socialists’ colleague Francois Hollande. This victory for Hollande will hopefully result in the development of a growth agenda in the Eurozone. In order for us to get out of this crisis, economic growth is necessary and we welcome any developments or commitments that President elect Hollande may secure in this regard. In particular, we will strongly support President Hollande’s proposals to increase the funding of the EIB for investment in public infrastructure.

“The Stability Treaty will put in place good housekeeping rules to reduce our debt over time by reinforcing rules already in place. The Treaty is about having an insurance policy and making sure we have access, if needed, to the €700 billion ESM funding that allows us to fund public services and all Government spending. As our social democratic colleagues in the Nordic countries have shown, such fiscal discipline is not an obstacle to productive investment, strong systems of social protection and spending on training and job-readiness for workers. It is also about making sure the grave mistakes made in the past are not made again so that we can build a sustainable, fair and people-focused economy here in Ireland.

“The Labour Party campaign will see 20k posters distributed throughout the country. Already we have distributed 250k introductory leaflets and we’re printing 650k of our new leaflet which will then go to branches all over the country as part of their local campaign. Just this weekend, the Party Leader Eamon Gilmore, MEPS, TDs, Senators, Cllrs and party members were knocking doors all weekend gathering support for the Treaty. At constituency and local level our representatives are working to ensure that literature is dropped into every door, that every house is canvassed and that the Yes campaign has a visible and vocal presence throughout the country.”