Seán Barrett (Dún Laoghaire, Fine Gael)

I thank the Minister for his support on the establishment of an independent rating agency that would not be seen as a political vehicle but that would be respected for its independence. I hope the benefit of having an independent agency would be followed up with the recommendation I made that it would help us to borrow money. In terms of borrowing money big is helpful. First, people listen to one. Second, one is more likely to get one's money at a lower interest rate than if one goes in on one's own. There is much to be said for a combined approach to borrowing money on behalf of EU member states. The value of having a rating agency is that it would then decide that because we would be in, for example, division three or four, we would have to pay a higher rate than whoever is in division one but it would still be cheaper and we would be guaranteed availability. That is something on which the Government should lead. This country should put it on the agenda for future meetings. It would be well worthwhile.

I note the continuing politeness of the European Union when it comes to the climate change conference that we would be prepared to go beyond 20% if other states show willingness. Let us be practical; the reality is that the Copenhagen agreement failed simply because the US Senate and Congress could not agree not alone on a target but on any legislation that is required in the United States. As Chairman of the Joint Committee on Climate Change and Energy Security I travelled to the United States with Deputy McManus. We reported to the Government that an agreement would not be reached in Copenhagen. That was obvious. Since then the changes that have taken place in both Congress and the Senate will make it impossible to get an agreement. We are codding ourselves going to Cancún expecting that we are going to get agreement on reductions of 20% let alone 30%. Does the Minister of State agree that despite the United States, because of the importance of the issue and the difficulties being caused especially in the African Continent as a result of climate change and hunger, we should plough ahead with other parts of the world in trying to deal with the issue and by doing so embarrass others into some agreement? Hanging back and waiting will not solve anything.

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