Lucinda Creighton (Dublin South East, Fine Gael)

With regard to interest rates, the ECB is independent. It is too autonomous, in my opinion. It is for the governing board of the ECB to set interest rates. It is disappointing that the anticipated interest rate reduction did not happen on this occasion. I expect it will happen next month, at the very latest. Mr. Mario Draghi has been a revelation in the ECB. Dramatic strides have been made in providing liquidity to the financial system and preventing the collapse of banks and financial institutions all over Europe which are vital to the continuation of our economic activity. Mr. Mario Draghi has been a breath of fresh air in the ECB but I look forward to seeing more from the ECB.

We talk about eurobonds, a banking union and related issues, but we should also be talking about the mandate of the ECB. This is a sensitive issue and I have raised it with colleagues from other member states. Suffice it to say they did not leap at the opportunity I presented. However, this is something we must talk about.

Deputy Flanagan asked when the Government decided to link the referendum to bank debt. One advocate of a "No" vote, Mr. Declan Ganley, campaigned exclusively on the issue of bank debt. With Government colleagues, I repeatedly said the route to a better deal on our sovereign debt was to vote "Yes" rather than voting "No", and that a "Yes" vote would strengthen the hand of the Government. I said that repeatedly. It is factually incorrect to say we ran away from that discussion during the course of the referendum campaign. We did not.

I thank all the Deputies who participated in today's debate. Clearly, we do not always agree but that is the nature of democracy and it is helpful and fruitful for me to hear from Deputies and to engage in this exchange.

The importance of last month's meeting lay not just in the discussion that took place but also in the groundwork that was laid for the formal decision-making meeting of the European Council that will take place later this month. As I said, we will be back in the Chamber - the Taoiseach and I and possibly the Tánaiste - in advance of the meeting to have a similar exchange and to have input from Deputies.

As the Taoiseach said at the outset, Ireland now approaches that meeting in a stronger position as a result of the outcome of last week's referendum. We have argued consistently that budgetary discipline as encapsulated in the treaty must be accompanied by an equally robust and significant growth strategy. Budget rules alone will not enable us to overcome our difficulties. In last week's vote the Irish people have sent out a strong message. We are and will remain strongly committed and responsible members both of the European Union and of the eurozone. However, the time has come for Europe to address the same energy and drive to the creation of a clear and effective strategy for growth and job creation. That means progress on a number of key fronts. We must ensure all Union instruments, especially the Single Market, are fully mobilised. That means ensuring the high level decisions and orientations offered at European Council level are turned into concrete action at Council level. That is one of the biggest challenges we face in terms of growth and stimulus.

See this speech in context