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

Regarding subsidiarity, since the introduction of the euro in non-euro countries, surely the European Central Bank should have an overall governance feature throughout the eurozone in particular, an issue we raised in a previous meeting of this committee, whereby each member state within the eurozone would automatically feed into a general policy over which the ECB would have supervision, not necessarily to dominate but at least to co-ordinate the economic and fiscal activity in each euro member state. Unfortunately, that was missing for a number of years, hence the kind of difficulties we all face now, some of us to a greater extent than others. Would it not be desirable to have a situation whereby individual central banks within euro member states would have more transparent activity under the guidance of the ECB and that the ECB in turn would try to ensure all the euro states were treated equally in fiscal terms?