Joe O'Reilly (Cavan-Monaghan, Fine Gael) | Oireachtas source

I thank him for that. My first question concerns something that is still only a possible hypothesis. However, it could happen and there are many strands to suggest it will happen, although I acknowledge Mr. McDonnell stated he thought it might not. Can the witnesses provide a further discourse on the implications for Ireland and the European Union, were the United Kingdom to leave? How do they think we would be fixed if that happened?

Mr. McDonnell's presentation included a section on aligning monetary and fiscal policies to the goals of employment creation and on having a special fund. He should talk a little more about that and on what steps he thinks the European Union can take of a practical nature for job stimulus. Those of us who believe in some of the present policies would argue that by creating the right broad financial conditions, the private sector will then create the jobs. Mr. McDonnell should comment on what particular stimuli or measures can be taken, apart from the youth guarantee which is very important, by creating a separate fund, etc., to create jobs. Mr. McDonnell also indicated in his presentation that he does not think eurobonds will work. Perhaps he will explain this a little more to me or to Deputy Byrne.