Lucinda Creighton (Dublin South East, Fine Gael)

This important and timely meeting of the European Council shows that the European Union is serious about responding to the economic crisis and to events as they arise. We are seeing a new dynamic at European Council level. I hope the appointment of a permanent President is assisting that and will facilitate a greater coherence of approach.

I am concerned that the euro and monetary union in general are under attack or at least subject to a certain sceptical scrutiny by economists and commentators in this State. We must ensure that the debacle that is the Greek situation does not add fuel to the negative commentary we have been hearing in recent months. It is essential that there be close monitoring of Greece. I welcome the Taoiseach's indication that the European Commission will report, monitor and update ECOFIN on 16 March. Monitoring and scrutiny of what is happening in certain member states within the eurozone must continue and must be rigorous. Above all, it is essential that Greece does not default on its sovereign debt. That would be devastating to member states within the eurozone, to the currency and to the credibility of the eurozone as an economic trading bloc.

Deputy Timmins referred to the renewed strategy for growth, the so-called 2020 strategy. I am concerned that this is being rushed. Between the two referenda on the Lisbon treaty and the delay in the appointment of the new Commission, there is not much time for member states to focus on their response and input to the strategy. The Commission is under major pressure with new Commissioners who have only just taken up their portfolios. Many of us have been critical not of the aspirations but of the implementation of the Lisbon strategy in the last ten years. I hope this new strategy will not be similarly disappointing in terms of a failure to deliver on targets.

We all agree there is a need for greater regulation. From an Irish perspective there is a dire need for strategic investment in infrastructure. We are all aware of the need to improve our broadband roll-out and so on. This must be integrated into the 2020 strategy. Another issue that I hope will be taken on board arose at meetings of the Joint Committee on European Affairs and was communicated to the Minister of State, Deputy Roche. Amidst all the talk about the knowledge economy it is important to bear in mind that it is not feasible for all our employment to be centred around that. Not everybody will be in a position to play a part in the smart economy and, therefore, there must be some emphasis on manufacturing jobs and heavier industry. That must be included in the 2020 strategy. While we concentrate on the smart economy, we must also focus on ensuring we have some level of heavy industry in Ireland and Europe. There are many skilled tradespeople currently out of work in this State because of the collapse of the building industry. That must be factored into our input in advance of June.

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