Dáil debates

Wednesday, 20 May 2020

Covid-19 (Finance): Statements

 

1:45 pm

Photo of Paschal DonohoePaschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

Lots of it does, but we are in a very different place from where we were a decade ago.

Regarding the engagement I and the Government have had on this issue, Deputy Howlin might be aware that some weeks ago the Taoiseach and I signed a letter and an article supporting a recovery fund. I did that because, while nearly all of the time I am very much aligned with my Dutch colleagues, for example, regarding issues such as taxation and the responsibility we have for our own budgetary affairs, I genuinely believe - and Deputy Howlin touched on this - that the issue of Covid-19 is fundamentally different. Moral hazard plays little role if we are dealing with a virus causing thousands of people to die in our countries every day. That is why the Taoiseach and I supported the recovery fund concept. It is not without challenges for us, which we will have to work our way through, but I have supported that concept as recently as yesterday morning during a meeting of the finance Ministers of the European Union.

Turning to how the recovery funds will be allocated, I think I touched on that earlier with another Deputy. What is going to happen is that the European Commission will bring forward its own formal proposal on this issue in the middle of June.

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