Proinsias De Rossa (S&D). – Mr President, I have no doubts whatsoever that Europe needs a permanent stability mechanism. I have fought many political battles and referendums over democratically legitimate community decision making. I therefore have deep reservations about the Treaty mechanism being proposed by the Heads of State to establish and manage the ESM.

I urge the Heads of State to reflect very deeply on the consequences for Europe if they reject the broad consensus of this directly elected Parliament. Yes, we need a speedy decision, but for such a fundamental issue, we must comply with the Treaties. The elephant in the room is a concern that a change in the wording, or switching to the ordinary procedure, might trigger a referendum in Ireland. My reaction as a democrat is quite simple: so what? I respect the people. I do not fear the people. I believe that Ireland is a mature democracy capable of recognising where our best interest lies and that is at the heart of Europe.