Brian Lenihan Jnr (Dublin West, Fianna Fail)

I thank the Ceann Comhairle for allowing me some latitude. Any policy proposals arising from this process will need to be agreed by the member states and cannot be misconstrued as a loss of Irish sovereignty. We are examining other initiatives, including the question of the reform of rating agencies and financial markets and the establishment of a European rating agency. We are also examining proposals to ensure the financial sector will pay its share in the event of another financial sector crisis.

As our relations with our eurozone and EU partners have grown ever closer, our prospects as a nation have become more interlinked with those of our partners. This is about the stability of the eurozone. Here in Ireland, we have taken credible steps to address our own economic and budgetary problems. We are implementing our own fiscal consolidation and are sending a clear signal of intent. Through implementing the decisive expenditure control measures contained in the budget, we are demonstrating our resolve to continue along the path of restoring sustainability to the public finances.

As regards certain reported comments of Commissioner Rehn this morning on our general economic strategy, nothing in what he said was of particular application to Ireland. He was discussing member states in general. Ireland has been first out of the traps in implementing a fiscal correction. Clearly, all member states are being reviewed before the June Finance Council. Commissioner Rehn was simply drawing attention to the fact that Ireland is being reviewed in that context. Neither myself nor my Department has been approached about revising the targets this year, for example. The general sustainability of our current strategy will be examined, and rightly so.

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