Mary Lou McDonald (Dublin Central, Sinn Fein) | Oireachtas source

Thank you, Taoiseach. Two weeks ago, the Minister for Finance, Deputy Michael Noonan, told the Joint Committee on Finance, Public Expenditure and Reform there would be no discussion at the forthcoming ECOFIN meeting of Ireland's exit from the bailout and that he had not yet finished his round of meetings on the margins of the Eurogroup. Less than 24 hours later, an emergency Cabinet meeting took place followed by statements to the Dáil. What happened between the end of the finance committee meeting at noon on Wednesday, 13 November and the panic of Thursday morning, 14 November? It seems clear that pressure came from somewhere and the Government rushed into a decision. Did the Taoiseach receive a telephone call on the Wednesday afternoon from Chancellor Merkel? Did he have any contact with her on the Wednesday or Thursday? Was the issue of a precautionary line of credit discussed with the Chancellor or any other of the EU leaders with whom he has recently spoken or met?

The Government has proclaimed that exiting the bailout and the decision not to seek a post-bailout credit line is this State's reassertion of its economic sovereignty. That is a nice line but we are all aware that, in reality, it is far from the truth. Is it not a fact that until the loans received from the troika are substantially paid down, we face twice yearly monitoring by the Commission of our books? Is it not true that the Commission will conduct, in liaison with the European Central Bank, regular review missions to assess our economic, fiscal and financial situation? Media reports have stated clearly that this process could continue for decades. Will the Taoiseach comment on that? In addition, the fiscal treaty, for which he energetically pushed, requires that we continue to be monitored. As of next year, our budget proposals will be the subject of budgetary surveillance by the Commission, with the latter to issue an opinion on budget 2015. There is also the risk of further conditions being applied until we get our structural deficit to 0.5% and our debt-to-GDP ratio to 60%. Unless or until the Taoiseach sorts something out with the European Stability Mechanism in regard to retroactive bank recapitalisation, that ratio will not be achieved any time soon.

It is a fallacy to say we have regained our economic sovereignty because sovereign states do not get twice yearly visits from officials in Europe to ensure they are following orders on economic policy. Our economic sovereignty will not be regained until Irish Governments - with respect, it will not be the Taoiseach's Government - start formulating budgets in alliance with and in the interests of the Irish people and when the approval of the Irish people is the only approval the Government is seeking. The truth is that while the troika may be leaving, the troika mindset remains in this Government. Over the Taoiseach's two and a half years in office, we have seen him slavishly follow the policies of the last Fianna Fáil Government and clutch to the embrace of austerity.

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