Paul Coghlan (Fine Gael)

Senator O'Brien is correct to raise concerns regarding the summit which is about to take place in Brussels. We all wish the Taoiseach and his team well. As has been articulated, the future of the euro and the eurozone could be at stake. We are dealing with speculation. What is out there are the opening positions of the various members, their first choices and some speculation which may or may not be inspired. If there is a treaty change there will have to be a referendum. It seems referenda are becoming popular and we could have a flood of them. If that has to happen it will happen.

On the question of corporation tax, we heard the Minister for Finance, Deputy Noonan, give a very firm undertaking in the other House. This country's position on that and a range of issues is known. We have to have oversight and there must be budgetary rules. I do not think some of the discipline being imposed at European level is necessary for this country but as a good member of course we accept it. I do not see it leading to treaty change and we should not be jumping the gun. In any event, the Leader will schedule a debate next week. We will have the European summit report and deal with facts and not fiction. We should hold our whist.