Joe O'Toole (Independent)

It is not that long ago since we discussed the reprimand from the big boys in Europe to the Minister for Finance, Deputy McCreevy, about his running of the Irish economy. Even though I am on this side of the House, I supported the line he took and said that if France or Germany were ever to be in similar circumstances, we could be absolutely sure that a similar reprimand would not be issued to them. We now see that happening. It is bad enough to see the decision coming through, but if it leads to the European Central Bank governors taking the step of increasing interest rates, that will be a huge price to pay for what is now being called the re-interpretation of the Stability and Growth Pact which was never subject to any reinterpretation or any second opinion until now.

I am sorry that the Minister, Deputy McCreevy did not vote against the decision by France and Germany early this morning. I do not see why he should have put up with that. He has listened to enough nonsense from those countries' Ministers last year and he could have put the boot in this time. It would have been quite in order to do so.

It would be churlish for us to let the occasion pass without offering our congratulations to Senator Leyden on his successful campaign to sustain John Waters's position in The Irish Times.