Fiona O'Malley (Independent)

I like the habit that has developed, whereby Senator Donohoe, as always, speaks so much sense. It is very interesting to listen to him. Senators have said that, now that things are going wrong, we realise we did not prepare well enough for the introduction of the euro. It is only now that we realise no one thought about what would happen if a member state wanted to withdraw from it. Apparently, only the Germans have a system under which they can withdraw from the eurozone. None of the other member states has such a system.

This Bill marks Ireland's coming of age in the European Union. Reference was made to the fact that Ireland had always sought a hand-out. Owing to the existence of an EU standard, we refinanced the country and brought it into the modern era, financially, socially, legally and in terms of rights provision, including for minority groups.

Certain people are disgusted with the idea of bailing out Greece considering that Ireland is in difficulty. Although it is hard to raise money and the country can ill-afford to finance another state, it is noteworthy that we are prepared to give money to a country in need. As Senator Alex White stated, "there but for the grace of God go we." We need to recognise this and show solidarity with the other member states at this difficult time. It is important that we prepare the way and pass the Bill.

I listened with interest to what Senators had to say about how leaders, particularly the German leader, had moved slowly in putting together a rescue package because of national interests, thus calling into question the euro's credibility. At times such as these, we need to rise above national considerations and show what is meant by European unity. We should not look to particular national interests, be they electoral or otherwise, but to EU interests. Not all eurozone leaders have been singing from the same hymn sheet in the best interests of the euro and we can see the result in the markets. Senator Donohoe made a very good point on how we had ceded so much authority and power to the markets. We are completely in thrall to them, particularly considering the effect an individual such as the German Chancellor can have on them. We are constantly running to catch up. This is not a good place in which to be. At the meeting tomorrow evening everybody should forget his or her national interests and seek to help each other out.

Senator Ross referred to Chancellor Merkel's comment that it was not instinctive to be helping the most errant player in the euro field. The Greeks are not being penalised for their bad record, unwillingness to adjust and not telling the truth in order to get into the eurozone in the first place. Rewarding somebody for doing the wrong thing is never a good idea, but, as Senators Alex White and Donohoe said, this crisis will force us to examine how the euro works. Senator Donohoe referred to the Stability and Growth Pact. It was not the case of there being a single good measure. Although our conduct has been good under the Stability and Growth Pact during the lifetime of the euro, we are not exactly free from economic problems. Therefore, it is not just a case of a single measure that is best.

I am slightly critical of the contribution of Senator Alex White. I was very interested in what he had to say and did not disagree with a word of it, but words are one thing and action is another. I thought, as I listened with great interest to the Senator's noble words and sentiments, that the failure to act would cause real problems.