Catherine Murphy (Kildare North, Independent) | Oireachtas source

I wish to focus on two aspects of the matters discussed by the European Council, namely, energy union and jobs and growth. I am trying to square the circle in respect of those issues and the fiscal policy being pursued by the European Union. Rigid adherence to debt-to-GDP ratios in the context of dealing with the debt issue is actually undermining any prospect of delivering a different type of economy that will be less carbon dependent into the future. There is an urgent need for a European debt conference that will deal with this issue in a more comprehensive way. I, too, am embarrassed by the way in which the Government is interacting with Greece. Ireland should show solidarity with a country which is in such difficulties, particularly as we understand the impact those difficulties can have on citizens. Like Greece, France and Italy have serious levels of debt.

Let us consider the kind of fiscal expansion that is going to be needed in order to facilitate the development of a different kind of Europe that will deal with the issue of energy. I refer here to what is going to be required in areas such as transport and retrofitting of buildings. In Ireland's case, it is going to be necessary to invest in the development of an offshore energy industry. The raw materials are there in abundance to allow Ireland to deliver but it cannot do so because it does not have the ability to raise the kind of capital necessary to facilitate the kind of fiscal expansion required. A development such as that to which I refer would change this country radically - not just for now but in the years to come - deliver the jobs and growth that are needed and give us hope for the future. The NESC report on moving transitioning into a carbon-neutral society identifies offshore wind and wave energy as a source of major opportunity into the future. At present, we import €7 billion worth of oil and gas each year. Our dependency rate in respect of fossil fuels stands at 90%, whereas across the European Union the average stands at 55%. We need to take urgent action in respect of this matter or we will be obliged to pay in hard cash when we cannot meet the international obligations up to which we and the European Union have signed.

In practical terms, if we were to invest in developing a DART underground service, this would transform the public transport system and deliver on some of our commitments in respect of the area of transport. If we opted for the underground option, then the number of passenger journeys would rise from 33 million to 100 million. This could make the single biggest difference to the transport system in this country. We only ever talk about retrofitting homes. However, we could reduce our oil and gas imports if we were to take action in this area.

That to which I refer will not be achieved in the absence of a rational fiscal policy at European level, where debt is treated in a more long-term way and where some of it is either parked or written off in order that we might develop a different kind of Europe. We must take the shackles off if we are going to do as I suggest and deliver jobs and growth in areas in which they really do need to be delivered.

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