Larry Butler (Fianna Fail)

I agree with much of Senator White's remarks. We must get involved in this debate and we must take charge of our destiny in that regard. I welcome the fact the European Union has come together in such a way to protect the euro and this should have been done or foreseen, probably when the euro was first envisaged. The need for a support structure and to have a mechanism in place to ensure the stability of the euro should have been anticipated but this was not done. Perhaps we are closing the door after the horse has bolted. That being said, we must accept where we are now. This would probably not have happened were it not for the Greek situation. We see how important it is to support the Greeks.

We have a short memory in Ireland. It is not long since we were supported by the European Community and between €25 or €26 billion came into this country. I hear people bellyaching about our €1.4 billion support for Greece. This is nonsense when one considers the money we have gained from our membership of the European Union. We have been well supported by Europe. The European vision is a very good one. We did not realise we were going to have such a downturn in the world economy and in banking. In our case, we also had to deal with the property bubble. We took three hits in one.

It is important to bear in mind what Senator Mary White said. We must become part of that debate. It is still important for us to ensure we have an independent financial outlook. Our partners, who are supporting the euro, should also have a say in how we ensure stability in the euro area. That means allowing for a certain amount of growth. The 3% budget deficit figure that was set and ignored by the Germans, French and ourselves was an unrealistic way of approaching the control of our budget in this country.

What are the benefits of membership of the European Union? They are stability of the currency, which we are now supporting, stability of our economy and a good export trade into Europe. When we want to ensure our credit worthiness and sell our bonds in the European Community, there are great advantages to membership. It is important we have these advantages.

Where do we stand in the debate? There will have to be changes to the present structures. They are not fit for purpose as we move into a new decade. The difficulties of Greece, Ireland and weaker members of the EU will be repeated. How will we support those members within the structures we have set up? This will be important. The debate will have to centre around the whole European plan. Seán Lemass foresaw the European plan before it was rolled out. He was a man of vision. In that plan, he saw that small countries could do very well within the European Community. Bigger countries were dictating to smaller countries and stifling our markets. I remember when one pound of butter cost four shillings and ten pence in Ireland while the same butter could be bought in the United Kingdom for one shilling and nine pence. That was how we were treated as exporters at that time. We had no choice but to subsidise our butter exports by overcharging on the home market. That is an example which is long gone because of the European Community and the Lemass vision.

I look forward to the larger debate. We are lucky to have a Minister for Finance who has a great understanding of the infrastructure we need to create to protect ourselves within the European Union. I want to ensure he articulates my views when the debate broadens and decisions are taken.