Seán Barrett (Dún Laoghaire, Fine Gael)

Following on the point made by Deputy Kenny, I am delighted to see that at long last some attempt is being made to use joined up thinking when it comes to dealing with European economic matters. As I said when on a recent visit with the Minister to the European institutions, our problem was not caused solely by Irish citizens. It was caused mainly by irresponsible banking arrangements which, from time to time, had been examined by those in the European institutions and given the green light by them. I resent very much the ongoing targeting of the Irish as being irresponsible in the manner in which they dealt with their economy. I have pointed out previously the need for an independent rating agency to be set up by Europe to rate independently each member state's economy. We fail to realise that, as anyone in business would tell us, the big and strong have the power to negotiate. There is no reason the European Union cannot use its strength and its 27 members to negotiate proper terms for borrowing throughout the world.

I do not expect the Germans to carry debts for which we are responsible or partly responsible. However, if we had an independent rating agency that could rate each member state, it might be possible to deal with debt. If we happened to be in division three in that regard, then when money was borrowed we would have to repay at a higher rate than those in division one. At least we would be using our strength to be able to borrow money and would not be subject to rating agencies about which we know nothing and which speak from both sides of their mouths, leaving us stranded and dependent on handouts from other people within Europe. I do not accept that. We are quite capable of dealing with our own problems given time and I am certain the new Government will seek ways and means of reversing the situation in which we find ourselves.

I would like to congratulate Mr. John Ging who has been appointed Director of Operations at the United Nations Office for the Co-ordination of Humanitarian Affairs.

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