Paschal Donohoe (Fine Gael)

I want to raise a subject that has not be touched on so far, that of the recent European Council meeting at which the Taoiseach and leaders of other countries met and at which agreement was forged regarding a new way in which nations need to conduct their finances and economic policies. The famous Stability and Growth Pact, which was shown to be nothing of the sort, is now being strengthened. There will now be new conditions upon which countries can make decisions and new rules which they will have to obey. Those kinds of constraints and that kind of environment is something I welcome, but it will have a major effect on how countries such as ours conduct their affairs in the future. It seems odd that decisions of that magnitude have been met by silence within our political system. They merit debate.

The point made about the future funding of third level education is a principle that must be obeyed. In terms of taxation, the principle is age old that people must be asked to pay according to their means. If they do not have the means, they should not be asked to pay. That is a simple principle of we cannot lose sight in these times.

I refer to the mid-term elections in the United States on which some of my colleagues touched. What we saw happen in the United States last night is what we saw happen in 1982, 1992 and 2002. I take a far more positive message from it than many others, that vast unbridled wealth, combined with a sinister agenda, does not always buy one success in politics. We saw that happen in some electoral races in the United States. It must give hope to many people of more modest means who are represented in this House.