Seán Ó Fearghaíl (Kildare South, Fianna Fail) | Oireachtas source

As the Taoiseach will be aware, public discontent with the EU is at its highest level ever and, with 27 million people unemployed, nobody believes it is taking serious or urgent action to help. I have to mention the plague of youth unemployment, particularly in countries such as Greece and Spain, which have youth unemployment rates in excess of 50%. The escape valve of emigration has kept the rate in Ireland at between 29.5% and 30.5%, although many of the people who are leaving Ireland are in fact the fathers of people in their mid to late 20s and are following their sons and daughters to places like Canada and Australia.

We also looked at the enviable record of Malta, the Netherlands and Austria, where youth unemployment levels are particularly low. We are used to hearing lists of what has been agreed at summits but it is increasingly clear that a difference exists between the statements and what is happening on the ground.

A good example of this is the proposal for project bonds agreed last year. I ask the Taoiseach to explain the reason not one project bond has commenced. We hear a great deal about the need for stimulus and all of us, including the Taoiseach, agree on the issue. I could identify a number of major national projects for which project bonds would appear to be a potential solution but nothing seems to be happening.

Will the Taoiseach explain the reason the agenda for last week's summit was so limited? Why were no issues related to the major economic and financial issues of the moment discussed? Is it acceptable that EU leaders could meet at this time without discussing immediate action on employment? While I am conscious that other Deputies wish to speak, I would appreciate an opportunity to contribute again on this group of questions.

See this speech in context