Enda Kenny (Mayo, Fine Gael)

I accept what the Deputy says as being constructive. This is in keeping with the position of the Government, as outlined by me and many other Ministers over the past number of months, that the situation in so far as Ireland's deal was concerned could be improved upon and that Europe and its leaders needed to make serious decisions about what is becoming an even more serious situation. I read the Moody's report in respect of Ireland and noted that it states that Ireland is achieving its targets and that there could well be upward pressure on the rating, provided the Government is in a position to deal with its deficit and takes control of its economy. That is where the Government priority lies.

I understand there have been calls for a meeting of the Council on Friday. There is no point in going to a meeting on Friday unless there will be a decision or set of decisions on the European situation. As the Minister for Finance outlined on his return from the two-day meeting, the Ministers for Finance discussed a range of opportunities and possibilities to deal with the European situation. Moody's problem is not with Ireland. Ireland's problem is with Europe. Moody's has pointed out that Ireland is in a very different set of circumstances from other countries. Therefore, if a Council meeting is to be held on Friday, it must be one that will grasp the nettle and set out Europe's response to the contagion which is clearly causing anxiety and concern. With Italy having a debt of €1.8 trillion or 120% of GDP, the situation is obviously a cause for serious concern. In so far as that is concerned, Deputy Martin's suggestion is constructive.

If a Council meeting is to be held on Friday, I will participate strongly in it on the basis of what we have been saying for the past number of months about the overall level of pricing, the need for flexibility and the opportunities that exist to ease Europe's problem and, as a consequence, Ireland's problem. That still leaves us with our domestic difficulties in terms of the budget deficit and the preparation for the budget for 2012. In respect of Europe measuring up, as I have said at Council meetings and as many Deputies have said, it is now time, as a consequence of the concern and anxiety that exists internationally and as reflected through the markets' lack of confidence in particular areas, that the matter is responded to comprehensively and decisively by Europe. Ireland will contribute to that.

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