Mick Wallace (Wexford, Independent)

The politicians of Europe have failed to deal in a substantial way with the crisis facing the eurozone. That is certainly the verdict of the markets, which are running out of patience. Several weeks ago in this House we debated whether €440 billion was an adequate allocation for that great vehicle, the European Financial Stability Facility, EFSF. It is now clear, as we argued at the time, that it will take at least €2 trillion before anything is resolved. Italy represents 20% of the EFSF's backing, yet that country is far more likely to be withdrawing money from the fund rather than financing it. The entire concept is a joke. Italy and Spain are facing enormous difficulties, but people are slow to realise just how serious the Italian situation is. The one positive likely to emerge in the coming weeks will be the end of Berlusconi's reign. He has been entirely detrimental to the welfare of the Italian nation.

I am extremely disappointed in how the Government has behaved in its dealings with Europe. Instead of taking the lead and demanding that our situation be improved, we have been at the receiving end of actions taken in response to the latest development. A photograph in yesterday's Financial Times, showing small groups of European leaders discussing the crisis, struck me as sad in that it depicted the Taoiseach standing alone and forlorn. I feel very sorry for him and there is no question that his task is a difficult one. However, the reality is that we have shown terrible weakness in dealing with our problems - more so than all the other European politicians, who have also, in general, been weak. We should have played a much more serious role and been far more forceful in demanding a fair deal for Ireland. Time will prove that we should never have been so receptive to the austerity measures imposed on us, which we took on the chin.

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