The Taoiseach today warned that "necessary tough choices" lie ahead and that Ireland could not turn away from Europe in a speech at the annual Wolfe Tone Commemoration.
Noting that Ireland had come a long way since Wolfe Tone sought to “break the connection with England”, Mr Cowen told those attending the Bodenstown, Co Kildare, event that Ireland had become a "vibrant, sovereign nation, through our membership of and participation in major international organisations".
"We advance our interests not by going solo, but by working with like-minded others on problems, challenges and opportunities that can best, indeed can only, be responded to by working across national borders and boundaries."
He continued: "It is in this way that our membership of the European Union, in particular, will best serve the interests of Ireland and the Irish people in the decades ahead.
"Personally, I firmly believe that, to be most effective, Ireland needs to continue to be right at the heart of Europe. . . . It would not be in our interests to place ourselves in a position where other member states view us as obstructing the progress that others wish to see for themselves, without properly assessing what the consequences for us might be."
The Taoiseach said that he expected, over the coming weeks, "a comprehensive, rational and intelligent debate" on the issues raised in the Lisbon referendum. "We need to assess where we go from here and we need to engage with our EU partners on how they would be prepared to allay those concerns."
But he warned Ireland should not turn inwards. "To prosper economically and socially, we must look further afield. The single European market has been hugely important for the growth of Irish business and the creation of literally hundreds of thousands of jobs. Ireland has prospered through this engagement and, in more difficult times, it is imperative we do not turn back."
Mr Cowen said that amid the current global turmoil, membership of the euro zone has provided Ireland with "significant advantages," adding: "At the outset, the European Central Bank was ready and able to assist banks who were experiencing problems in accessing credit."
"I don’t believe that the Irish people would want us to shy away from the difficult decisions we must now make. We will make the necessary tough choices so that we can chart a course for economic renewal to bring us beyond the current short-term difficulties towards a stable long-term growth rate.
"History shows that the only way to deliver long-term economic and social improvements is to do whatever is required to ensure economic and fiscal stability. This goes right to the core of the actions we have taken recently and those that we will take in the Budget and in the months ahead."
Referring to the North's peace process, Mr Cowen observed that the wounds and suspicions of centuries could be healed overnight but said the historical significance of unionist and nationalist Ministers working side by side in the Executive is "immense".
"By showing common cause in working together for the welfare of all of Northern Ireland’s people, they are giving practical expression to the ideal expressed by Tone of uniting Protestant, Catholic and Dissenter."
Mr Cowen also expressed thanks to former taoiseach Bertie Ahern "for all of the work, effort and political acumen he brought to bear on the peace process".
"He deserves great credit for all the achievements during his term in office as party leader and Taoiseach, and his fellow countrymen and women will always hold him in high esteem for that enduring work on the peace process."
The Taoiseach will be in France later today for an emergency Eurogroup meeting to discuss European measures for tackling the global financial crisis.
French President Nicolas Sarkozy, whose country holds the rotating six-month presidency of the EU, has called together the 15 countries that have the euro as their currency, with a view to presenting proposals to combat the crisis.
