Micheál Martin (Cork South Central, Fianna Fail)

A survey by one of the major financial magazines still listed Ireland as having the lowest rate, although I will check that fact. However, we are speaking of countries such as Switzerland, Puerto Rico and Singapore as the real competitors in terms of attracting foreign direct investment. Many companies will go to eastern Europe for a range of strategic reasons anyway, but we should not get too paranoid or upset about that fact. There are opportunities for Irish companies to go to eastern Europe as suppliers. Irish companies, now skilled in servicing multinationals, should welcome investment in eastern Europe, get over there and play a role in terms of servicing companies across the board. It is acknowledged that we have built up a lot of expertise in that area.

I still have some reservations about harmonisation. I am not too sure if all of Europe, and particularly central Europe, acknowledges the importance of a low corporate tax regime. In the context of the Lisbon Agenda, Europe needs to reflect continually on global competition. Europe does not have a pre-ordained destiny that means it will always be prosperous and wealthy. It will have to compete. Sometimes I feel that Europe is too inward looking and needs to look outside its borders at the emerging competitive forces.

Having said that, however, without the EU we would not have transformed our economy, including access to new markets and a significant reduction in our dependency on the UK market.