Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

The discussion illustrates beyond any shadow of doubt what the real problems are in Europe. Nobody has decided on a co-ordinated approach. We are not all travelling in the one direction at the one time with the same objective in mind.

In response to what Mr. Fox said about low interest rates being the cause of our problems, I wish to point out that low interest rates apply worldwide, in the United States as well, where they are even lower than in Europe. That is not the cause of our problems. The theory that has been put forward in the past that no member state could have any influence on monetary or fiscal policy within the European Union because interest rates were fixed from Brussels, is wrong. Nothing ever prohibited individual governments or governments within the Union acting together from deciding to introduce credit restrictions. We were supposed to have credit restrictions, governed by the governance system put in place at European Central Bank level. What Deputy Crowe said is not entirely true in the sense that while we did contribute to our problems they were under the aegis and supervision of our own institutions that should have known better but did not. We are prepared to shoulder the burden. We accept that we must pay the price but we must know as well that all other European countries are pointing in the same direction and that they intend to do the same thing. I totally reject the notion that a multiplicity of currencies throughout the European Union is of any benefit to anyone. The only thing that would do is create opportunities for speculative adventure that has been shown to be hugely costly in the past. I apologise as I must go to the House to attend to another matter. I am sorry that I have to leave.