Dáil debates

Tuesday, 21 February 2012

4:00 pm

Photo of Enda KennyEnda Kenny (Mayo, Fine Gael)

No, because it was not necessary. The role of the ECB is not part of this treaty. The issue of the corporate tax rate is not part of the treaty. Nor is the question of a common consolidated corporate tax base part of it. My view is that there can now be a focus on the role, responsibility and future remit of the ECB by the political process, having secured agreement in respect of the wording of the fiscal compact treaty. The measures in respect of Greece are being signed off on by both the politicians in Greece and the Ministers for Finance of the other member states.

We must now move on to the agenda put forward by Ireland and several other countries, which relates to issues in respect of the European Union, the eurozone and its future. In speaking last week about the place of Ireland and Europe in the world, the former United States President, Bill Clinton, made the point that there are 500 million consumers in the European Union. He also observed that some of the countries experiencing the fastest rates of growth in the world are in Africa and that there are another 500 million people on the periphery of the European Union. Both Europe and Ireland are very good launching pads for exports into many of these countries. Mr. Clinton's analysis was that we should not confine ourselves to a market of 500 million and that there is far greater potential for us.

The reason the issues to which the Deputy referred were not raised by any Head of Government is that they are not relevant to the treaty. The question of the European Central Bank, its role and responsibility, can now be focused on in a different way. Mr. Draghi has made------

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