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

Mr. McCarthy is right about the fears about GM food. There is no scientific evidence, but there is a lot of emotion, which creates its own impetus. There was also the fear that certain brand names would achieve a world monopoly in respect of certain products which would have an impact on poorer countries and developing countries in particular. The scientific evidence is not there to support that. However, we know of cases where multinational corporations for their own particular reasons exploit such situations and have always done so.

I do not agree with the tendency in this country to downgrade the euro's importance. The UK is not in the euro and it had its own economic downturn. It had all the advantages that we profess we should have had and would have had in the economic downturn, and still could not avert its own economic downturn.

It had the advantage of size in terms of economies of scale. Ireland or other small countries would not have that.

I may be slow to understand these issues but I worry when people pick at the euro generally and wonder what would happen if we did not have it. If there were more currencies and the euro was in a smaller space there would be wide-scale speculation in the financial markets among the various currencies, which always takes place but would take place to a much greater extent. In the 1960s, I remember Harold Wilson, God rest him, speculating about what would happen next when there was a run on the pound; Mr. McCarthy might even remember that far back. It was a serious situation and the Prime Minister of the country was virtually helpless to do anything about it. Once the run started and it was perceived that the currency was relatively weak, immediately it went into a roll and it was effectively the end of a particular administration at that time. I bring that to people's memories because that can happen, and will happen, if we continue to pick at the euro to the extent that it falters.

I will make a final important point. The banking sector here, and across Europe, was strongly opposed to the euro at its inception and speculated grimly as to what the consequences would be for the banking sector. It did not happen that way. It self-destructed in a totally different fashion because of what I regarded was the lack of responsible controls.

I could go on forever but the Vice Chairman would not like that. I am sure Mr. McCarthy is fed up listening to fellows like me as well.

The number of eurosceptics is growing. Sweden and the Netherlands have their share of eurosceptics. It was pointed out at a meeting of this committee not long ago that other countries are of similar thinking and, when pressed on that subject, the identity of those other countries was disclosed. I would have serious concerns, as do many other people, both politically and economically, for the countries within Europe in the event of one country leaving or that starting an avalanche would end up reversing the entire European concept. It would be a disaster for Europe, a disaster for the United Kingdom, a disaster for this country and possibly a disaster globally.