Prendergast

Wednesday, 11th April 2012

'Yes' vote will further investor confidence in Ireland – Prendergast

A yes-vote in May's referendum will boost investor confidence in Ireland, Labour MEP Phil Prendergast said after her second day before the Oireachtas Committee on the Stability Treaty.

Ms Prendergast said: "Investors around the world are actively considering creating jobs in Ireland. The change of government last year and its successful efforts to restore our international reputation have attracted interest from abroad. We've seen this with recent announcements in China and US investment in Cork, Waterford, Dublin and Dundalk.

"Ratifying this Treaty will boost confidence further because it will show that Ireland is part of a stable economic zone with a reliable currency. "I fear what a rejection of the Treaty would mean for attracting and stimulating investment. It would take a while for the implications to become apparent during which time investors could be expected to hold off or go elsewhere.

"Uncertainty is the enemy of economic growth. Voting for the Treaty will give investors confidence that the economic mismanagement of the past will not happen again.

"The sooner the requisite 12 countries ratify the Treaty, the sooner we can expect firmer action on an EU jobs and growth strategy to run parallel to greater economic co-ordination.

"While the Treaty is not the whole solution to the problems of Ireland and the rest of the EU, it is definitely part of it."