Michael Mullins (Fine Gael)

I welcome the Minister of State and wish her and the Taoiseach well in their efforts with European leaders to bring some stability to the eurozone. We should reflect on how important the euro has been to our country over the past two decades. Our membership of the Union has been central to the creation of a modern Irish economy. It was responsible for the rapid period of growth over the past two decades and, despite the recession, we have seen a remarkable rise in our standard of living. Europe has invested extensively in our infrastructure, our education system and agriculture. Before joining the EU, we were largely dependent on Britain for exports. Since 1973, exports have grown by 600%. The creation of the internal market and the introduction of the euro have been major elements driving this increase.

Throughout the current crisis, many of the strengths and advantages of the euro have been overlooked. Since its introduction, the euro has increased trade by 50% in the eurozone, controlled inflation and allowed for the deepening of a successful internal market across the EU. Membership of the euro has brought low interest rates and a stable currency, which allowed our SMEs to develop and grow. Admittedly, it was also probably responsible for the property bubble in this country.