Bernard Durkan (Kildare North, Fine Gael)

I promise not to interrupt myself in the course of my contribution. We are facing what is probably the greatest single test of the European Union and its institutions since their inception. The eurozone territories are assailed on all sides by greedy and well directed speculators who have only one objective, namely, to prise one country - it does not matter which - out of the monetary union. Once a single country is taken out of the eurozone, the entire system disintegrates. The suggestion that there could be a two-speed Europe in such a scenario and that we could continue as before is not feasible. There would be utter turmoil within the European markets and economies if that were to happen.

The current recession is very deep and has broad implications. It can be compared to the recession of the late 1920s and 1930s when it took the then President of the United States many years, having tried several formulae, to begin to turn the ship around. Eventually, by virtue of a succession of events, some of which were beyond his control, he succeeded in so doing. It is extremely important that we all support the aid package for Greece and the broader stabilisation package being introduced by the European Union in order to ensure there is confidence, hope and economic recovery. We are not out of the woods in this regard by a long way.

The Minister of State at the Department of Foreign Affairs, Deputy Roche, used much of his speech to criticise the Opposition and Fine Gael in particular. However, he failed to acknowledge some important points. It is not at all unusual in the current circumstances that the European institutions would require some type of evidence to show that the Stability and Growth Pact guidelines are being observed. They have not been observed for a long time by many countries, small and large. It is reasonable to expect that the Union would seek assurance that whatever package is proposed for our economic salvation is placed on a sound footing. That sound footing can only be assured if the European Union knows what measures are being taken within member states in terms of economic policy to achieve our common objectives.

The next issue we must consider is the composition of the proposed stabilisation fund, a combined European Union and IMF initiative. This mechanism is to be welcomed, my only concern being that the IMF has not always lived up to expectations in the past. That body could, in recent years, have achieved more in certain areas relative to its stated intentions. The eurozone countries, on the other hand, have a great responsibility to themselves and to the wider European Community. If this proposal fails, we will have a serious problem.

The chief criticism from the Minister of State, Deputy Roche, was that the leader of Fine Gael and others in the Opposition had suggested that the European Union institutions were not honouring what was committed to in previous European treaties. It is not unusual or unreasonable, given the juncture we have reached, that the Opposition parties would seek some information as to the proposals the Government intends to put to the European institutions, before it makes those submissions. Some of the submissions made in the past did not stand up.

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