Patrick O'Donovan (Limerick, Fine Gael)

Bearing in mind the discussions on the forthcoming referendum, the main crux of the issue arising in respect of Greece is that we must be mindful of the member states of the European Union which make a net contribution to the financing on which the remaining countries rely. We must, therefore, establish structures to ensure the problems facing Greece and, to a lesser extent, Ireland, Portugal, Italy and Spain, cannot recur. While we have an economic union and a semi-political union in Europe, the strict criteria required to bind the Union together and provide governance and supervision was wholly absent in the case of Greece.

As I noted yesterday, the Greek people have taken on a major burden, as have people in this country. Comments made in the House yesterday about how the Greek Government has addressed problems in Greece were insensitive. It is a sovereign government which has dealt effectively with its problems and has taken some difficult decisions. In fairness to the other 26 member states, this has been shown to be the case.

Circumstances in Greece and, to a lesser extent, Ireland show the importance of passing the forthcoming referendum to secure access to the European Stability Mechanism in future. We do not know what lies ahead. Countries which find themselves in difficulty in future - I hope they will be few and far between and their difficulties will be much less severe than those Europe currently faces - must have access to the mechanism that will act as a firewall to prevent their economies from collapsing. There is currently no mechanism in place to allow a country to leave the euro, nor should countries be forced out of the single currency. We must ensure that taxpayers in compliant member states that live within their means have an assurance that their taxes are being spent wisely, their efforts respected by other member states and everyone is playing by the same rules. This has not been the case until now.

I wish the Minister well in the difficult negotiations that lie ahead and on Ireland's role as EU President. I do so not only because he and I are both natives of west County Limerick but also because he has an unenviable task, one that could shape the future of the economy.

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