David Norris (Independent)

I agree with my colleagues who welcomed the massive intervention of the EU in the form of its financial rescue package. The position is serious. If one considers the figures in terms of public debt expressed as a percentage of GDP, Greece is No. 1 at 124.9% and Ireland is No. 4. However, if one examines other figures, such as the budget deficit expressed as a percentage of GDP, Ireland unfortunately has the lead position at twice the European average. It is a worrying situation.

We should also consider having another general economic debate. The Leader has promised the House rolling debates. There is an inevitable logic to a degree of centralisation, harmony and political concentration within Europe. This is the lesson of history. It occurred with Prussia where a customs union preceded political and financial union.

I hope we will find an opportunity to take No. 15 of the non-Government motions on the Order Paper in the name of myself, Senator O'Toole and the Fine Gael Party regarding the rating agencies. It is open to the Labour Party, the Green Party and Fianna Fáil to sign up to our motion, as we all agree on this matter.

Archbishop Ryan is a courageous and decent man.