Timmy Dooley (Clare, Fianna Fail)

I welcome the opportunity to contribute to this debate but it is unfortunate that we do not have more time to contribute to it. The crisis that has enveloped Europe during the past year or year and a half should require and demand a much greater level of scrutiny and discussion in this House in particular. We talk a good deal about the necessity to remain engaged with Europe but we become somewhat reticent when it comes to discussion in this House. The fact that the House is almost empty for this debate is a sign that people do not engage to the extent that they should.

On this side of the House we believe that the focus on greater budgetary control will solve the debt crisis. While we support stronger fiscal rules, this is not the answer to the immediate problem of restoring market confidence. We certainly believe that the ECB must intervene immediately to become a lender of last resort and that this can be done without changes to the EU treaties. The list of measures which France and Germany have put forward this week, and will put forward at the EU Summit, are flawed and would cause great damage to Ireland and Europe if implemented. There needs to be solidarity and each member state must be treated equally. Ireland's corporation tax rate must be protected at all costs. I have heard much comment from the Taoiseach and the Tánaiste in recent days which seems to suggest that they are fully behind a motion passed in this House to ensure our corporate tax rate is protected at all costs, recognising that it is a fundamental aspect of our capacity to attract foreign direct investment to this country. Notwithstanding that, everything that is emanating from President Sarkozy is clearly aimed at undermining the tax policies of other member states.

There has been the dog and pony show between France and Germany in recent months where, clearly, President Sarkozy has sought to encourage the Germans to move in terms of where the ECB stands, in terms of eurobonds and in terms of Germany coming in to support French banks in regard to the significant losses they have to undertake. From Chancellor Merkel's perspective, bringing President Sarkozy on board has raised expectation that he will get his way on other issues. That is the reason I am extremely concerned that the Taoiseach appears to be driving headlong into a deal that is effectively an abdication of the responsibility of not only the Commission but the entire architecture of the European Union. We have seen the architecture that has been put together, through various treaties and negotiations by all member states, sidelined in the past 12 months. The ongoing bilateral arrangement taking place on a weekly basis is almost like a soap opera. We see the latest episode of the "Merkozy" soap opera taking place on a weekly basis. It is nauseating to people who believe in the principle of a Community. There is nothing of a community involved in what is no longer a sideshow but the engine that is driving Europe at present. I am disappointed by the role of the Irish Government in this. We had the spectacle of the Taoiseach, prior to the election when he was leader of the Opposition, jumping on a plane to Berlin for a photo opportunity with the Chancellor, which looked good and sought to convince the Irish people that somehow we would be connected if we elected Fine Gael.

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