Gerry Adams (Louth, Sinn Fein) | Oireachtas source

I wish to concentrate on the outworking of the promissory note deal and on initiatives to tackle unemployment. I will perhaps return to the issue of the horsemeat controversy later. Just this week, the Commissioner for Economic and Monetary Affairs, Mr. Olli Rehn, stated that the expected €1 billion savings from the promissory note deal should not be regarded as a "windfall gain" for the Irish economy. The Taoiseach will recall that when the deal was first agreed, Government spokespersons said it would give rise to €1 billion less in tax increases and spending cuts in the budget. Does that continue to be the situation? Has the Taoiseach discussed this matter with any of those whom he met at the series of bilateral meetings to which he alluded? Has he discussed with anyone what Commissioner Rehn described as a backstop or economic cushion to facilitate our exit from the bailout programme? Will the Taoiseach elaborate on this matter? What are the arrangements involved and what is likely to be put in place? Last week the Taoiseach stated that the agreement reached by the European Council last June remains in place. Is it still his view that the Government will obtain a deal on the retrospective recapitalisation of the pillar banks? If so, when is this likely to happen?

There are 26 million unemployed people across the EU, approximately 6 million of whom are under the age of 25. This represents a huge crisis and it is reflected in this State. Given the level of emigration from this country, the figures can to a degree appear somewhat better than is actually the case. During Ireland's Presidency, the Government will have an opportunity to show great leadership by moving away from austerity. It will also have an opportunity move us away from the old European Union and into one which will deliver stability, jobs and growth. The latter is the slogan being used in respect of this Presidency. If we consider the initiatives that have been taken to tackle the crisis, it is obvious that they are not sufficient. The figure for youth unemployment across the EU is 23.4%. In certain member states, it is even higher than that. Some €6 billion has been allocated in respect of the youth guarantee but only €3 billion of this is new money. The other €3 billion is being taken from the social fund, which would previously have filtered into many communities across the EU. In the context of the Presidency, what initiatives does the Government propose to launch to spearhead efforts to tackle the unemployment crisis across the Union?

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