Seán Kyne (Galway West, Fine Gael) | Oireachtas source

I welcome the three speakers and I thank them for their presentation. There is much in them with which many of us would agree. With all the talk about different political ideologies, I have yet to meet any politician who likes high unemployment or who wants to see emigration or youth unemployment. The question is how to find a solution across the differences of opinion among the political parties.

I agree with Deputy Durkan about the word "austerity". To me, austerity is an incorrect term to use. As far as I can see, it is about balancing the books to make sure that we make ends meet. When we were outside the markets as a nation until recently and borrowing €1 billion a month to provide the services that we do provide, it was a question of balancing the books, not austerity. None the less, we have seen the effects that cutbacks have on our people and we are all as concerned as each other about the long-term effects of that. I agree with Mr. Farrell's point about the effects on people's mental health in respect of unemployment.

Dr. Rigney mentioned the "fig leaf" of the social indicators. Does he not agree that this will allow the Commission to better integrate unemployment and social concerns in policy formation? Does he believe the Commission is correct in stating that there should not be any trigger if we fail to meet these indicators? Should there be an automatic trigger or sanction on member states if these indicators are not met? Is he positive in any way about the potential of the youth guarantee across the region?

Dr. Healy spoke about the financial transaction tax, and I agree with Deputy Durkan on this. Unfortunately, we share a common space with the UK and London, and are greatly affected by any decisions there. If the British Government chose not to impose the financial transaction tax and we did so, it would be very difficult for our financial services sector. Perhaps he can comment on that. The OECD suggests that we have a very progressive tax regime. I imagine Dr. Healy does not agree with that, but it has come from a number of reports from the OECD and others. People often talk about wealth taxes and Dr. Healy mentioned this in his presentation as well. Does he accept the point about the mobility of the wealthy, who might leave the country? I know that President Hollande has not had a lot of success with the imposition of a tax on the wealthy. There is some concern about that, so perhaps Dr. Healy can comment on that as well.