Finian McGrath (Dublin North Central, Independent)

I thank the Acting Chairman for the opportunity to speak to this debate on the European Council. Before considering the details of the matter I point out that it is relevant to hold a detailed debate on the role of the European Council of Ministers and the broader issue of the European Union, especially in the current economic crisis. Recently, we witnessed the intervention of the ECB and before that we held a debate on the Lisbon treaty. These were major issues for the country and its future development. Legitimate questions must be put and answered by Ministers and the European Council.

Let us consider the current economic crisis and the bailout issue. The bailout has fundamentally changed Ireland's relationship with the European Union and this new reality must be addressed. Multi-billion euro loans are not given lightly. It is well known in European Union circles that those involved want the finance Bill through as quickly as possible. There is a volatility in the air, and Mr. Olli Rehn, although he may not say as much publically, is aware of the rumblings in Europe. Further economic damage is widely feared, which is why all politicians must be careful when dealing with Ireland's economic interests.

I accept it is not all bad news. There is some good news and hope for our country. I am aware there is sympathy in Brussels and other quarters of the European Union for us on our high interest rate as part of the bailout. Some sensible people recognise my argument that expensive loans could hamper our economic recovery. Are they willing to consider the re-working of the interest rate? This is why we need strong leadership on this matter: it would push open the door for the people. The Dutch and Germans appear to be awkward and we must keep a close eye on the French as well. I say as much as someone who has been going to France for more than 20 years.

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