Shane Ross (Dublin South, Independent)

I join with my colleagues, Deputies Martin and Adams, in expressing my sympathy to the Taoiseach on the recent bereavement in his family and to thank him for being in the Chamber today at a time which must be difficult for him.

While we have been discussing what may possibly be in next week's budget, I believe it will be one of the last meaningful budgets in this State's history, particularly if events take shape in the manner they seem they will in Europe in the next several weeks. Last week, the German Chancellor, Angela Merkel, said Europe should take one big step towards fiscal union. The European Council meeting the Taoiseach will attend on 9 December is beginning to shape up and become clearer. What will probably happen is that the weaker European Union countries, including Ireland, will concede fiscal union while the stronger countries will allow the European Central Bank to release the funds and take the measures to give necessary relief to the euro. This will have serious implications for Ireland as it will involve EU treaty changes. The Taoiseach will have to go to the country with a referendum suggesting fiscal union and its implications. This will be serious for Ireland as it will involve the second surrender of our sovereignty in recent times, the first being the surrender to the European banks by the last Government.

See this speech in context