John Gerard Hanafin (Fianna Fail)

I share the call for a debate on transport, and I strongly support the need for an enhanced rail network system. The work to date has been very positive. There is a need to extend the spur to Shannon Airport, as it largely serves the American continent. We also need to look at sending a spur from Sligo to Derry. As we head for 2020 and an island population of 8 million people, it will become more apparent that this will not only be socially necessary, but economically viable, and it will be well worth debating here. There was a rail line there before, but it was taken up at a time when transport modes were seen to have changed. We now see that this was a major mistake. Notwithstanding that, there is a possibility for a rail line and it should be provided.

I would like a debate specifically on the difficulties that are still occurring in regulation of the financial markets. The difficulties in the financial sector have been compounded by the current difficulties with Greek bond debt, especially since the financial markets bet against the Greek economy. It was outrageous that €15 billion was spent at the Chicago Mercantile Exchange to bring down an economy and gain profits. Surely it is time to regulate against this. People are severely hurt when an economy collapses while others look for profit at the other end of the scale.

Suggestions that were made for Europe on this issue could not impinge on what we voted for in the Lisbon referendum. We voted in that referendum to keep our financial sovereignty, and the suggestions that came from Europe had nothing to do with lessening our financial sovereignty. I suggest it had more to do with the fact that some nations joined the euro but would not have been allowed entry had the full facts been known.