Seán Sherlock (Cork East, Labour)

I welcome the Fine Gael motion, which the Labour Party supports. In speaking on the question of political and economic stability, we have before us proposals by the European Commission in relation to co-ordination on economic governance issues. What goes to the heart of this is the very existence of political and economic co-ordination on issues of a monetary nature. Events in recent months have shown clearly that there is an existential crisis as regards the very existence of the euro. As a result of the current crisis there are some who seek to impose on countries greater economic and political co-ordination in return for the continued existence of the euro. In other words, the very threat we see to the euro at present, in the opinion of some people, is as a result of a lack of greater political co-ordination.

My view is that if the Government of the day is to talk about greater political and economic co-ordination at a European level, we must be very honest with the people about that. There is a choice now in this country as regards where we go. Do we follow an intergovernmental model so that we may ensure our sovereignty, both economic and political, or do we go for a deeper co-ordination at European level and follow an intra-institutional model, whereby greater power is derived by the European Commission? Instinctively in this country, because it is supposed to be a republic, there is a view to the effect that while greater economic co-ordination is necessary and we subscribe to the very existence of the euro, this should not be to the further detriment of our sovereignty. We have now given away too much of that sovereignty along with our ability to be able to make and break our own fiscal and monetary policies. There has to be a breakpoint which determines that this current crisis should not present itself as an opportunity by the European Commission as potential for deepening European integration so that the intra-institutional model wins out over the intergovernmental one.

The plan that has been put before us, on which we will not be even entitled to vote, is a further kick in the teeth to the citizens of Ireland, who believe very strongly that they should have the ability through this House to decide as to its efficacy. There is now a well-founded deepening suspicion that this crisis has presented itself as an opportunity by the European Commission and the intra-institutions to deepen their grip and to bring about a federal construct for the European Union. I want to lay down a marker to the effect that any new Government must think carefully as regards where it wants to go and on its policy in relation to the European Union in this respect.

Mine and future generations have been sold down the river, and deemed expendable in the greatest ever swindle to which the people of Ireland have been subjected as a result of the economic policies of this Government. I note the presence on the Fianna Fáil benches of members of my generation, some of whom became Members of the Dáil around the same time as I did.

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