John Gilroy (Labour)

That will lead us to one point of view. We could move in another, perhaps more productive, direction and consider our situation in the wider European context. There is a compelling argument that the levels of debt being carried by European countries, not only Ireland, are unsustainable. Until a solution is found by which the debt can be re-engineered at European level, we will be unable to return to sustainable or affordable levels of growth that would allow all Europeans to enjoy the undoubted benefits that the Union brings. This might well involve a monetisation of debt by the ECB, supported by our European partners.