Micheál Martin (Cork South Central, Fianna Fail)

-----and hide what is actually happening. Those form of words will be meaningless and they have no chance of being agreed or implemented any time in the near future. They are a waste of time and have nothing to do with the causes of the crisis. In contrast, if the leaders were to propose a quick series of treaty changes aimed at broadening the mandate of the European Central Bank and centralising strong financial regulation, this would have every chance of being passed by parliaments and people alike. Alone of the major world economies, the bulk of Europe has a mandate which has as its sole concern the maintenance of loan conditions. This is the main mandate of the European Central Bank. This exclusive mandate sits corrosively at the heart of the bank's culture and operations and it has inflicted misery on millions. It must be broadened to include financial stability and economic growth. Its primary responsibility should be financial regulation and it should be required to be concerned about employment when it takes decisions. While the traditional anti-EU forces would, no doubt, generate a raft of conspiracy theories, these changes would pass an Irish referendum because the Irish people could see the sense and benefit of the changes. Elements of this can and should be done legislatively-----

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