Lucinda Creighton (Dublin South East, Fine Gael)

Nobody knows. The point is that we must put in place a commitment from the ECB that it will respond in whatever way necessary to ensure we save our currency. We will continue to work towards this position. I have not stopped stating this just because we had a summit which brought us some degree closer to achieving the type of firewall we may need. It does not go all the way. It does not go as far as I would like it to go but we have taken steps forward. There was no big bazooka last week and there probably will not be a big bazooka in a weeks' time, but further steps in the right direction have been taken and I will continue to work and to call on the ECB to take what I believe is the responsible action it is required to take.

I am quite impressed by Mario Draghi. He demonstrated his independence at his first ECB board meeting when he reduced interest rates when nobody expected him to do so. It showed he was being assertive and was prepared to stand up and be counted. He is probably coming under immense pressure from other quarters who do not want to see the ECB responding to political demand. The ECB has a view that it is independent and should not respond to political pressure. I am quite confident the ECB will respond. It has been buying bonds in secondary markets for months, continued to do so after the summit last week and will continue to do so in the new year when much of the debt is due to roll over. I have no doubt that the ECB will continue to intervene. It would be cheaper in the long run for the ECB and all of the EU member states if the ECB would make a clear commitment to do whatever is necessary. It would save all of us much money.