Lucinda Creighton (Dublin South East, Fine Gael)

There are various interpretations of the ECB's potential. For example, the President of the Commission, Mr. Barroso, has made statements in the past 24 hours on the potential for the ECB to act, notwithstanding the reservations of certain member states. We must see how this plays out. There is a precedent for ECB intervention and I do not agree with the Deputy that it has been unsuccessful. Its intervention in the past 12 months was crucial in preventing what could have been a more dramatic and negative impact on the markets. It has helped to stabilise the positions of countries experiencing difficulties in accessing funds in the international markets or being priced out of them. I do not agree with the Deputy's analysis that this has been a failed policy. The ECB has had an important impact in terms of stabilisation, albeit not as dramatic as we might have liked.

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