Seanad debates

Wednesday, 20 July 2011

10:30 am

Photo of Darragh O'BrienDarragh O'Brien (Fianna Fail)

I congratulate Senator Ó Clochartaigh and his wife on the arrival of their new son, Ríain. Sinn Féin has been adding to its numbers in recent weeks and should keep going in that regard.

The Taoiseach is due to attend tomorrow's emergency summit of EU leaders. We wish the Taoiseach and the Government well in their endeavours in respect of this important meeting. I am particularly concerned that European leaders have spent the past four months dealing with, in effect, a crisis in the eurozone. In my opinion, they have been operating in a piecemeal fashion and we are no closer to a resolution. I was concerned at the Taoiseach's indication yesterday that he has not held a single bilateral meeting in the four-month period since the Government was formed. In other words, he has not met any of his European counterparts individually to put forward Ireland's case.

We are consistently told that efforts are being made to secure a reduction in the interest rate on the bailout. I have always maintained that the importance of such a reduction is greatly overstated, as the Minister for Finance, Deputy Michael Noonan, acknowledged. However, it is important that, rather than merely talking about it, we do our best to put the issue to bed. I wish the Taoiseach well in his endeavours.

Given that the Lower House is not sitting next week and will not sit this Friday to discuss the outcome of the European summit, will the Leader set aside time next week and invite either the Taoiseach, the Minister for Finance or the Tánaiste and Minister for Foreign Affairs and Trade to the Chamber for a discussion on the eurozone crisis? This issue will affect every citizen of the European Union, including the Irish citizens who we in this House represent. Unless Europe moves with far greater haste than it has heretofore, we will have a crisis on our hands and no mechanism to deal with it. This Chamber, and the expertise therein, can play an important role in this. Time should be set aside next week to discuss the outcome of the European leaders' meeting and Ireland's strategy for dealing with the debt crisis and a possible debt restructuring which, in my view, must be on the table.

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