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

I welcome the Governor and his colleagues to the meeting. I am sorry I was not present for the initial statement but I was not idle at the time.

There are a couple of things that come to mind. The Governor mentioned fragmentation earlier on. He is correct.

There is considerable evidence of that fragmentation throughout Europe. Europe spoke with one mind, appeared to speak with one mind, boasted of its freedoms and cohesion and had its freedoms and cohesion, but it now appears it is intent on going, or is liable to go, in different directions both economically and politically at the same time, which will not work. It could lead to the total fragmentation of Europe. Our next-door neighbour has already left the Union. Other member states already have leanings towards countries outside the Union to which they believe they should have an alliance and allegiance. What is the answer to that? I will return to FDI, the impact of that and taxation. The renationalisation of Europe is likely to be the outcome, which has been feared for many years. If we continue in that direction, there will only be one outcome. Will the European people rediscover Europe and all that it entails in time to save it? If that does not happen, it will dissolve.