Sean Barrett (Independent) | Oireachtas source

I thank Mr. Nava for attending. In reply to Senator O'Keeffe's question, he said he was 90% happier than when he took up office. He then said it is presumptuous to claim that these reforms have consigned financial and particularly banking crises to history. He gave an optimistic view and I hope that will the case, but I refer to the legacy issues faced by the committee. Living standards data for Ireland were published last week. Every person in Ireland is €2,500 worse off since 2008. Mr. Nava can imagine what that does to a family of four. I am not satisfied that the correct approach was adopted in applying the principle of subsidiarity to bank regulation in the crucial period between 2000 and 2008. The euro was a project that should have been implemented at a higher level and not under this principle. We have to examine those legacy issues, including the debt that has been mentioned. Are there design faults in the euro? How would Mr. Nava tackle legacy issues? His reforms are too late for our constituents and the people of Greece, Portugal and Spain. They are eminent and worthy but mistakes were made and the people on the streets have paid massively for them. Our duty as legislators is to try to recoup their losses.