Derek McDowell (Labour)

It was in complete contrast to the barracking, heckling and interchanges which characterised what passed for a debate in the Dáil. There is merit in discussing what are obviously emotive issues in a somewhat less emotional way. This House is a good place to do that.

The decision of the European Central Bank to increase interest rates is worthy of a decent debate in the House. I must be one of the few people in the world who think that this decision is, to say the least, premature. It is premature because the bank reduced rates in the first instance to encourage recovery in the eurozone economy. Anybody objectively considering that would conclude that this recovery is in its early stages, and that a decision now will inflict much pain not only on mortgage holders but on business, which we may quickly regret.

To be fair to the European Central Bank, it is very open in its decision making and very clear in its rationale. It is disappointing that, having set up the bank as an independent body with clear responsibility, the political establishment not just here but elsewhere in Europe has basically given up on the debate. I am one of those who believe the issue of interest rates and monetary policy is far too important to be left just to economists and bankers because we will all pay the price if we get it wrong.

I ask the Leader, perhaps not before the recess but certainly in the coming months, to find an opportunity to have a debate, perhaps framed in a wider context.