Shane Ross (Independent)

The House will possibly have noticed that last week the credit rating of this country was downgraded in a very serious way by Standard & Poors. One of the results of this was that the euro tumbled steeply on foreign exchange markets. That development was received extraordinarily badly among our European partners. The latter have begun to regard Ireland and its economy and banking system not only as a deadweight in themselves but also as a deadweight on the European Union. We should give serious consideration, at a time when we face economic Armageddon, to whether we have any friends abroad. We should also consider how badly we need them.

It is no coincidence that our breach of Europe's Stability and Growth Pact has been tolerated for five years. We are dependent on the European Central Bank for continued economic oxygen and, as a result, we need every possible lifeline onto which we can cling. In the circumstances, it would be folly to state we can go it alone without our European friends. It is important that any of us who wish to revise our positions should explain our reasons for doing so to the House. In that context, there should be a debate on this matter as soon as possible.