Marc MacSharry (Fianna Fail)
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I welcome Professor Kane and thank him for making the journey here to help us out. In a paper he wrote in 2006, entitled Inadequacy of Nation-Based and VaR-Based Safety Nets in the European Union, he outlined the European Union's financial safety net and stated, "If confronted with one or more large-bank insolvencies, nationalistic pressures on home and host regulators are bound to aggravate weaknesses in accounting reports and to prevent the losses imbedded in deeply troubled institutions from being allocated quickly, efficiently, or fairly across member states involved."

Even though that was in 2006 the report was insightful. With the benefit of hindsight, is this an indictment of the EMU that it is not fit for purpose in a crisis?