Micheál Martin (Cork South Central, Fianna Fail)

Last Thursday, the ECB announced an interest rate increase stating it was doing so to ward off the threat of inflation. What is incredible about this is that even the ECB officials themselves have acknowledged that the recent blip in inflation is temporary and driven mainly by commodity prices. At a time when European economies are very fragile, will the Taoiseach agreed this increase is unwise and at worst likely to cause very serious damage to weak fragile economies throughout the eurozone, and that it has the hallmark of repeating a similar decision made in 2008 when the ECB raised interest rates after the worldwide recession had begun causing serious damage in the name of fighting already disappearing inflation?

I agree that central banks need to be independent from governments and politicians but we have the right to comment when it makes wrong decisions. Will the Taoiseach commit to the House to raise our concern with the ECB on this interest rate rise and further rises planned in the coming months and our concern that this decision will undermine recovery in weak economies and cause considerable hardship to thousands of families throughout the country? Will he agree to raise with other states the possibility of changing the legal basis underpinning the ECB to force it to give greater concern to issues of economic growth and employment as well as inflation when making its decisions?

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