Enda Kenny (Mayo, Fine Gael)

France and Germany never said at the meeting that country X or Y should now impose austerity measures. There was general discussion and agreement on the need for fiscal discipline and control over countries' spending. Ireland is in the difficult situation it is in because of such lack of control. It is not the case that Chancellor Merkel or President Sarkozy stated what a particular country should do, rather there were strident comments from many people about what needs to be done, including a discussion in respect of governance of the eurozone for the future. Comments were also made by countries not members of the eurozone in regard to their individual economic interests and so on.

Rather than focusing on the requirement for austerity measures in any individual country, there was a clear understanding that there needs to be far greater fiscal control in respect of any individual country and how it does its business. I pointed out for the benefit of the meeting that being in a bailout situation brings with it detailed and complex analysis on a fortnightly basis by a troika of the country's economic circumstances and that no money will be paid if it exceeds what has been agreed. The marker for Ireland is a return to the bond markets. We do not want that stymied or prevented or for there to be any loss of understanding of just how much encouragement and further assistance a country like ours needs as we proceed.

As pointed out by the Minister for Finance, Deputy Noonan, on many occasions we have achieved a saving of €10 billion for our taxpayers and we need more. In this regard, a number of options and alternatives are under discussion and negotiation. It is not a case of the big powers saying who must impose austerity measures and so on. There is a general acceptance that if Europe is to get this right, and if the eurozone is to plough ahead in a prosperous fashion, countries must ensure fiscal discipline in the manner in which they do their business. We are measuring up to the conditions of our programme. However, I do not want anyone to lose sight of the fact that while we have come some of the way, there remains a long way to go. We need further assistance and will continually point this out in the context of the overall decisions that must be made.

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