In the referendum held on 31 May 2012, 60 per cent of the Irish people voted in favour of accepting the European Fiscal Compact, thus agreeing that Ireland should in future be legally bound by its rules. For Ireland and the other countries in the European Union, the “Treaty on Stability, Coordination and Governance in the Economic and Monetary Union”, agreed by 25 of the 27 heads of state and government on 9 December 2011, is vital if we are to preserve the EU and the euro. In terms of financial and economic policy, the government is on the right track.