Oireachtas Joint and Select Committees

Wednesday, 9 October 2024

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Engagement with the Central Bank of Ireland

1:30 pm

Mr. Gabriel Makhlouf:

Normally, I decline to get involved in political discussion but on this occasion, because it is Deputy Durkan, I will respond. The answer to his fundamental question is, in the end, that it is for political leaders to retell the story of Europe, to remind people why the European Union exists, why the countries of Europe decided they wanted to create this sort of union, and what the history is. It is not unusual for new generations to not be that familiar with what happened in the past. That is something to do with the way history is taught and explained, but ultimately it is for political leaders to explain it. The Schuman declaration by the French foreign minister in 1950, who talked about the creation of Europe, made the point that it would not be created according to a grand plan; it would be something that would essentially be done by actions that people in Europe would recognise and support.

In some respects, one of the things we have seen in recent years, notwithstanding what the Deputy said about some countries, and some politicians and political leaders, in Europe having slightly different views from the majority, is the fact that Europe has seen some remarkable crises and managed its way through them. The financial crisis, the sovereign debt crisis and the pandemic have seen Europe succeed and succeed well. We need to tell that story. When I think about the future, and this is certainly where people like me and my colleagues come in, we need to try to explain why the connectedness of economies in Europe and the world supported the growth in living standards, supported people's welfare, and made a huge difference to the lives that we lead, not just in Ireland or Europe but across the world, and what the cost of changing that would be. That is not to say that the sort of globalisation, although I tend not to use that term any more, we saw does not have its problems. It has its problems but many of them could be addressed. We have learned those lessons. In the end, my colleagues and I could help explain what is happening in the world and what the risks are but ultimately, as regards the political fragmentation the Deputy envisages, it is for political leaders to lead.

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