Jimmy Devins (Sligo-North Leitrim, Independent)

I welcome this Bill as it provides evidence of eurozone states supporting each other, and this support has never been more welcome than at the moment.

Over the past few months, there has been severe turbulence in the international money markets. As a result, some states have experienced civil disorder as they try to correct the financial mistakes of the past. It is to the credit of the Government, and particularly the Minister for Finance, that Ireland took corrective action immediately when the problem became apparent. This corrective action has been very painful to all the citizens of Ireland and it would be foolhardy in the extreme to expect that all the pain is over. It is not over and we all know that another €3 billion has to be found in the budget later this year. However, the less well off must be protected.

As a result of the financial turbulence, certain countries are being bracketed with Greece, such as Spain and Portugal. These two countries have announced severe austerity measures in the past few days and are now following the example given by Ireland. However, one of the most alarming consequences of this financial turbulence has been a direct attack on the euro itself. It is vitally important that the euro currency remains strong. The passing of this Bill is a step towards protecting our currency because, should the euro fail, the consequences for Ireland would be catastrophic. That is why I believe, welcome and all as this Bill is, that it does not go far enough.

We all realise that some countries in the eurozone are stronger economically than others, such as Germany and France. Over the past number of days, very worrying signals are emanating from both these countries that they may not continue to support the euro in the future. If they were in any way to weaken their resolve in support of the euro, we would be faced with an economic whirlwind, the likes of which the country has never experienced. We all hope that it does not happen, and it must not be allowed to happen. A stable euro is vital to Ireland's recovery, but the agreement between the eurozone states, welcome and all as it is, does not go far enough to maintain faith in the euro.

Strong, decisive and unambiguous messages need to be sent to the international money markets that the euro will be maintained and international speculators are wasting their time attacking the currency. I want the Government to work with our eurozone partners to show decisive commitment to protecting the euro and any talk of a two-speed euro, which is a possibility if the stronger economic countries withdraw their support for it, will only be speculation. To get out of the financial difficulties Ireland is currently facing, it is vital that we have a stable euro. A two-speed euro would have disastrous consequences for Ireland and there would be an immediate outflow of funds from the country. It would undo all the good work that has been done to correct our public finances. All the pain that the public have suffered would be undone.

I ask the Government to work and secure a firm commitment from all the countries in the eurozone that they will work together to help support the euro. I commend the Bill to the House.

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