Shane Ross (Dublin South, Independent)

I thank the Taoiseach for his reply. The point I am trying to make is that this time next week we could be facing a catastrophic situation. I often wonder if the sense of urgency has been properly injected into not alone Members of this House but people outside.

I take it from the Taoiseach's reply - perhaps he will confirm this - that he is in favour of a banking union. I believe it is a good idea, one which might be helpful to Ireland, in particular in view of the fact that we will face an extraordinarily urgent recapitalisation of the banks, which has not yet been acknowledged but will happen sooner rather than later. A banking union could help in that project.

Has the Government made preparations - I understand the Taoiseach cannot be specific - for the possibility of a collapse in the euro in the coming weeks? Are we ready for it? Do we have solutions? Are we prepared to consider, as widely reported in the media, the possibility of a two-tier Europe? The Taoiseach will be aware that we will need to be to ready for this when it hits us. It could happen at any time. Events in Europe are happening so fast that it is the Government's duty to prepare for a possible catastrophe coming down the tracks.

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