Oireachtas Joint and Select Committees
Wednesday, 24 September 2014
Joint Oireachtas Committee on Finance, Public Expenditure and Reform
General Scheme of European Stability Mechanism (Amendment) Bill 2014: Discussion
4:40 pm
Kieran O'Donnell (Limerick City, Fine Gael)
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The eurozone has a relatively large number of member countries. In the context of our own situation, €60 billion is lower than the burden the Irish taxpayer took on in terms of the banks. While it is a phenomenal amount of money, in the broader European context as opposed to Ireland, it is not enormous. The question arises as to what would happen if the €60 billion was gone after six months or one year. What are the mechanisms within the ESM to review it?