Micheál Martin (Cork South Central, Fianna Fail)

Over the past four months there have been many debates and questions in the House on the issue of Europe's response to the financial crisis affecting many countries. As the Taoiseach knows, I have said repeatedly that the failure to implement comprehensively and quickly the agreements reached in February and formalised at the 11 March summit was foolish and damaging. However, the agreements reached on Monday were positive and encouraging for anyone who cares about the economy of the European Union and all of its member states. Clearly, this has never been just an Irish crisis and, finally, indications are that Europe is getting back on track after months of drift.

In this context, the decision of Moody's last night concerning Ireland's rating is very frustrating. While it may be understandable in the context of the speculation about a default in Greece, it flies in the face of unquestionable evidence of Ireland's resolute actions and Europe's support for Ireland. I welcome the strong and clear statements by the Department of Finance and the NTMA pointing out the failure of Moody's to note the many positive, fiscal and economic indicators. The strong support of Commissioner Rehn and of Prime Minister Juncker is also very welcome. Moody's is an agency that was once one of the chief enablers of unsustainable credit growth across Europe, but now, effectively, it is threatening more and more states with badly reasoned and cavalier ratings.

When we strip this latest development back to basics, we find a failure of Europe as a whole to live up to the vision of its founders and a failure to take the resolute action needed to underpin the eurozone and show the world that Europe will do what is needed to maintain the Union. In essence, it is a failure of collective European leadership. Will the Taoiseach agree that what we need now is for the leaders of Europe to seize this crisis, do what they should have done months ago, put in place a comprehensive pan-European solution and stop tinkering around the edges?

See this speech in context