Michael Creed (Cork North West, Fine Gael)

It is interesting and a cause for optimism to note the emergence of the post-Lisbon treaty institutional architecture which enables the European Union to respond quicker and in a more effective manner to crises that have engulfed eurozone economies. One such response was the establishment of the European Financial Stability Facility arising from the Greek crisis. Ireland might be grateful for this facility given the way bond spreads are going. While I accept using the facility would mean a certain degree of running up the white flag, borrowing from it at 5% rather than the 7.4% charged by the bond markets yesterday may be better.

We sometimes mislead ourselves into thinking there is a global economic recession when it is really a north Atlantic one. The economies of China, India, Brazil and other south-east Asian countries are growing at rates of between 9% and 15% per annum. Europe needs to stop navel-gazing. While the proper economic policy responses need to be put in place, Europe must also avail of the opportunities elsewhere in the global economy.

It was interesting to note from the Taoiseach and Deputy Kenny that the prospect of further constitutional referenda for EU treaty changes is not out of the equation. It may be time for the Taoiseach to consider Fine Gael's proposal, made during the last Lisbon treaty and requiring a constitutional amendment, to have the Supreme Court adjudicate on what specific aspects of future European treaty changes could be in conflict with the Constitution and may require referenda. There is a debate, an academic one at this stage, that substantial parts of the Lisbon treaty may not have been in conflict with the Constitution. Enabling the Supreme Court to play a part in that regard would be important.

Every communiqué issued after a European Council meeting refers to the Doha development round and greater liberalisation of world trade. While I welcome more liberal and free trade, a cornerstone must be fair trade. Fair trade cannot always be about coffee and bananas. It is about Irish beef producers competing fairly with other beef producers. Equivalence comes into play in this regard. Irish agriculture will take on any other producers but only if they are operating on a level playing pitch. If Brazilian beef is to be allowed on our supermarket shelves, it must be produced to the same standards to which European farmers adhere. This must be kept in mind for future world trade agreements.

In economic crises, the bigger players tend to have the stock response of calling for greater liberalisation when they are the very ones which resort to anti-competitive practices. For example, the United States introduced quantitative easing for its economic problems. The consequence is a currency war between the US and China which is on the brink of bringing around a double-dip recession in the European economy. It is also important to point out the US subvents its agriculture sector three times more than the European Union does. While being vigilant in respect of greater liberalisation of trade, a principle which I support, it must also be fair.

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