Brian Hayes (Fine Gael)

I am not opposing the Order of Business. We are trying to get this legislation through the House so that it is put on the Statute Book as soon as possible.

I wish to raise the matter of the finance meeting of the EU Council of Ministers very early this morning, at which the Council decided not to penalise France and Germany for being outside the Stability and Growth Pact. This is a very serious matter. It shows that there is one law for big countries and another for small countries. I ask the Leader to ask the Minister for Finance, Deputy McCreevy, when he attends the House tomorrow to speak on the Book of Estimates, to address this issue. I want to know if the Government is going to seek to re-negotiate the Stability and Growth Pact to meet our needs as well as those of other European countries.

The most immediate effect of the Council's decision is that interest rates within the euro zone countries will increase. They are already at the lower end of the cycle and it is inevitable that we would see some small increase over the coming 12 months or so, but the decision this morning will further escalate interest rates in Ireland, which will have a devastating effect for people paying variable rate mortgages. Will the Leader raise this matter with her colleague the Minister for Finance as soon as possible, and ask him to make a statement in this House tomorrow, when I presume he will be here for the three hour debate on the Book of Estimates? That would be very useful. It is a disgrace that big countries can lecture small countries on responsibilities when France and Germany, the two biggest economies in the eurozone, have flagrantly abused the Stability and Growth Pact and are clearly in breach thereof. The matter should be debated.