Paschal Mooney (Fianna Fail)

I am very grateful to Senator MacSharry and defer to his expertise. His thoughtful contribution reflects the widespread views of Members, certainly those within Government parties, on how the Government is handling this matter. The Senator is absolutely correct to debunk the canard that our corporation tax rate will somehow be threatened. I am glad he has nailed this. To state the contrary represents total irresponsibility on the part of commentators. In fairness to many Irish media commentators, they have made the point I am making. Perhaps they have not done so as strongly as we would like them to do but they have stated our control of corporation tax will not be relinquished. This matter has nothing to do with the current crisis because protection in respect of our corporation tax rate is enshrined in the treaties.

We are part of the eurozone. It ill behoves those who are talking about a loss of sovereignty to be trying again to scare the living daylights out of people. We are already sharing sovereignty and have been doing so since 1 January 1973. We are part of the eurozone and do not have our own currency. We are quite legitimately involved in discussions on how the eurozone and the euro itself, as a leading world currency, can be protected, bearing in mind the demands of creditors.

I have listened to distinguished economic commentators over recent months who somehow do not seem to get onto the airwaves. The celebrity economists do because it is all about soundbite politics and nothing to do with the reality on the ground. Time and again, economists have made the point that the eurozone is under threat and that once Ireland is disposed of by the creditors, who have no sentiment other than that which relates to the dollar, they will then go after Portugal, Spain, Italy and Greece. What is occurring in Brussels at present and what will occur tomorrow on foot of the visit from various members of the aforesaid institutions, constitute part of the fight back.

What the Government is doing is strongly supported, certainly within my party. It is important that, in this debate, we send out the message that there is confidence in what the Taoiseach is doing. As he said in the Dáil today, there is total confidence in the ability of the Minister for Finance, Deputy Brian Lenihan, to fight Ireland's case. It is ultimately a question of reckless banking and criminality in the banking sector. What we are attempting to do is ensure that the banking sector issue is separated from the sovereign debt issue. Ultimately, the solutions currently being talked about in Brussels will not be realised overnight or in the next few days but certainly over the coming weeks. What is being decided in Brussels will have the overall support of the Irish people because we will protect vital national interests, as various Governments have done over decades.