Micheál Martin (Cork South Central, Fianna Fail)

Under the targets agreed before the bailout and supported now by both Government parties, Ireland's debt is due to peak at a level below many countries that have no problem raising funds in the markets. The same applies for Portugal and other countries which are facing problems. Investors have fled the bond market because they believe that the ECB will not help countries to raise new finance. If this does not change at this week's summit, whatever emerges will be another short-term fix which will fall apart and cause immense damage. Tighter fiscal rules are reasonable, but only if accompanied by a change in ECB policies, an EU fund large enough to help stimulate economies in need and tight, unified financial regulation. A control-only fiscal union would just entrench flaws which even Jacques Delors says were caused by politicians looking for the quick fix rather than the right solution. Every piece of major progress seen in Europe has come from solidarity and respect between nations. There has been precious little of either in recent months.

This is a time of unprecedented challenges, both here and throughout Europe. It is not a time for the short-term political manoeuvring. There are choices to be made and if we want to restore growth and jobs we need them to be the right choices. Unfortunately, both in this budget and in the agenda for the EU summit, the right words are being used to cover the wrong policies. The budget, which has been announced at great length and with much fanfare, is deeply unfair and will cost jobs. This was avoidable, but the Government chose to put winning a few headlines about income tax and welfare payments ahead of a fairer and job-supporting approach. The measures being implemented pose a direct threat to existing growth forecasts and to tax revenues, raising major concerns about whether the targets it sets out can be met. It is truly a missed opportunity in these difficult times for our nation.

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