Simon Harris (Wicklow, Fine Gael)

I welcome the opportunity to speak to this legislation on Second Stage. The title of the Bill before the House - European Financial Stability Facility and Euro Area Loan Facility (Amendment) Bill 2011 - is wordy and lengthy. Many will be scratching their heads as they wonder exactly what it is. There is no doubt that this important legislation will be of direct benefit to Ireland and ultimately the people. When it is enacted into law, it will provide the legal framework for a reduction in our borrowing costs from the European Financial Stability Facility. This is, undoubtedly, a welcome development in our nation's difficult journey back towards restoring its economic sovereignty which was squandered when the last Administration went on a spending binge and failed to regulate the country's banks correctly.

As a country, we have put clear water between ourselves and other countries experiencing economic difficulties. On the domestic front, reductions in VAT and PRSI have helped some sectors of the economy to retain jobs and stabilise their own business. I see this in my constituency of Wicklow. Our exports are continuing to soar. At this week's ploughing championships we heard plenty of positive stories about the success and development of Irish agriculture. Internationally, we are achieving lower interest rates on our various loan programmes. Our work towards restructuring the payment schedule for other debts is continuing.

The last Government stated categorically that not one full stop in the bailout agreement could be altered. We have exposed that myth in all its glory and revealed the truth. As a result of successful negotiations on the part of the Minister for Finance and the Taoiseach, we have seen interest rate reductions such as that enacted in this legislation. In addition, the Government has delivered on the restoration of the minimum wage, secured agreement from the troika on the VAT and PRSI changes in the jobs initiative and halted plans for a phase 2 of the NAMA initiative.

I sat in this House as a newly elected Deputy when some Members from the previous Government almost rubbed their hands together with glee at the prospect that this Government would not deliver. We had to listen to ridiculous questions about how many times certain people had been telephoned, not to mention where various meetings and conversations had taken place and with whom. Rather than rushing over to the European Union and coming back with a piecemeal solution that would have delivered much less for this country, the Minister for Finance, the Taoiseach and the wider Cabinet have steadily, slowly and consistently built improvements for the country, while restoring its international credibility.

It is important to emphasise that this legislation is not an answer to all of Europe's economic ills. As a country, we have diligently pursued measures to rebuild the economy and restore the economic sovereignty squandered by the previous Government. It is unfortunate that Europe as a whole has not been so forthcoming in addressing head-on the economic crisis that engulfs it. A quick teleconference here, or bilateral meeting there, will not succeed in rectifying the European economic problem. Importantly, finger wagging by other nations towards this country and others is neither acceptable nor helpful. The reported comments of a senior European Commissioner, to the effect that we should fly our nation's flag at half mast, were repulsive and insulting. The individual who delivered them has a short memory of how the international community helped his own nation to rebuild.

The people have nothing to be ashamed of. A small handful of individuals who resided in this Chamber perhaps do. The European Union is a partnership built on mutual respect. We are there to work together in our common interest and the common interest of all citizens. Nobody has a monopoly of wisdom or solutions. Europe needs to embrace this crisis head-on, rather than wagging fingers. The Government is committed to getting on with the job. I commend the Minister for the job he has done to date. That commitment needs to be matched at European level. It seems Europe is still running to catch up. It is time for it to face this crisis head-on. I look forward to supporting this legislation.

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