Micheál Martin (Cork South Central, Fianna Fail)

Next week's summit has been described as "do or die" for the euro so serious and urgent is the situation facing us. Analysts are predicting that Spain will require a full sovereign bailout. Its bond yields have risen to unsustainable levels and the situation in Italy is equally serious and urgent. We know that a committee of what are known as the four wise men - Van Rompuy, Juncker, Barroso and Draghi - is meeting to come up with proposals and more or less examining a newer version of the European Union treaties to create a fiscal union. Various proposals have been articulated which we have discussed in the House, including a banking union, a fiscal union, giving the ESM a banking licence and giving additional regulatory powers to the European Central Bank. The single most important thing that could be done to save the euro would be to enable the European Central Bank to become a lender of last resort. Will the Taoiseach outline the Government's position on the European Union? Fifteen months into its lifetime, it is hard to discern its position on such fundamental issues, particularly the creation of a fiscal union which is now being identified as essential to save the euro. Will the Taoiseach confirm that changes of this scale would necessitate significant changes to the existing European Union treaties and a further referendum in Ireland to facilitate consideration of such changes?

See this speech in context