John Perry (Sligo-North Leitrim, Fine Gael)

I congratulate the Sub-Committee on Ireland's Future in the European Union on its work and the report produced under the chairmanship of Senator Paschal Donohoe. I congratulate all members of the sub-committee and the secretariat on their accomplishment. I support the broad thrust of the sub-committee's report that Ireland's policy of being a constructive member at the heart of the European Union is the best way to advance its vital interests. I welcome each and every one of the proposals made on European scrutiny, particularly the proposal that there be a formal scrutiny reserve mechanism. This mechanism would make the Oireachtas more influential in the negotiating position adopted by Irish Ministers. The report also proposes a package of measures to improve public and media awareness of the joint committee's important watchdog role regarding new EU legislation.

The core of the current economic crisis lies in the failure of the banks and financial system to anticipate and manage risk. This failure to manage risk has brought some of the world's biggest corporations to their knees and caused some of them to fail and disappear. It has been catastrophic for some countries which are now in an appalling position. Effectively, they bet on a risk they did not understand. They took a major risk with the economy and the bet failed. Now they are in a deep crisis from which it may take decades to recover. It is most important, from the point of view of Ireland, that they must recover from the disaster largely on their own. I do not think we should bet our economy and the future well-being of the country on the promise that we can muddle our way on our own in some form of a semi-detached or distant relationship with the European Union. Let us not bet on some unwise form of isolationism.

The report of the sub-committee provides a road map as to where we should direct our attention and energies to ensure the Lisbon treaty, with new reassurances for Ireland, can be ratified. Our membership of the European Union has been very good for us. Being at the heart of the Union is where we should be to protect our future. I commend the report to the House.

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