Michael Noonan (Limerick City, Fine Gael)

If the Deputy will accept the distinction, the problem is not with the euro, the problem is with the eurozone. The euro is a solid currency. Since it was established 12 years ago it has gone up in value against all the main currencies of the world. It has increased trade in Europe by 50%. It has kept inflation below 2% for 12 years in a row. When the Swiss had difficulties a fortnight ago and they decided to benchmark their currency, they did not benchmark against the yen or the dollar or go back to the gold standard, they benchmarked it against the euro. If one wants a vote of confidence in the euro one should think of the clever people in Zurich making a decision to benchmark against the euro.

The euro is as solid as a rock. The issue is who is in and who is out and whether everyone can stay in. That is what the debate is about. Everyone has to get their economies into shape so they can continue to participate in the eurozone and this strong currency. Of course we think, talk and look at possibilities. An issue we must examine is what to do if there were further contagion from Greece. Every time I go to Europe I tell the authorities that if there is further contagion from Greece that Ireland must be protected, as indeed bigger eurozone countries would have to be protected, by some form of firewall that would stop contagion from spreading.

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