Stephen Donnelly (Wicklow, Independent)

When I spoke a number of weeks ago, before the previous European summit, I gave the Taoiseach two messages. First, I told him that we are in the middle of a hostile negotiation. From day one, the people we are negotiating with have acted explicitly against the interests of this country and its people. Second, I said the Taoiseach should remind those he meets in Europe that they are not bailing us out. We are bailing them out. There is a net transfer from the Irish people to European financial institutions. If that message can get through, it changes the conversation. The Minister of State with responsibility for Europe responded to me by saying I did not understand the situation. She started to defend Angela Merkel by saying her actions needed to be seen in the context of her political needs. In response to a parliamentary question I tabled recently, the Minister for Finance as good as denied any knowledge of any threats by the ECB to Ireland, despite the fact that Professor Honohan went on the record and spoke about those threats on television. It is worrying that the response of the Taoiseach's team to my last message was based on a combination of deference and denial. Therefore, I will transmit a different message today.

The Taoiseach said in his opening address that "we need an outcome that offers certainty and security". I do not think that can be achieved by treating debt with more debt. Europe's failed approach has put the survival of the euro at risk. That was inconceivable a small number of months ago. I suggest that the Taoiseach might raise the possibility of Europe printing money, which is what the UK and the US have done. UK exporters to Ireland have a 30% price advantage over our domestic business community as a result of this approach. The ECB is not allowed to take such action, however, because it is required to keep inflation in Europe below 2%. If the rules can be relaxed and we can agree to higher inflation of 5%, 6% or 7% for a few years, we will have a huge advantage. If we print money - it is known as "quantitative easing" - we will erase debt in real terms at the sovereign level, the banking level and the personal level. It would make Europe far more competitive as an exporting zone. I ask the Taoiseach to bring that to the table at the summit.

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