Fidelma Healy Eames (Fine Gael)

In the course of the stability treaty campaign, I have found it very interesting that there is widespread support for the fact that the treaty will rein in the budgets of the various countries. However, the people are pointing out that this does not mean the treaty will rein in the markets or in the area of capitalism, which played a large part in the crisis. How often do we hear the statement that it depends on how the markets react? We get a bounce for a day, but there is nothing sustainable in the bounce. Very often the markets are wrong, but yet they command too much power. They also concern countries other than Ireland. I have listened to constituents and wise people who are concerned about the future of Ireland and of Europe.

It is time to have a debate in this House on the reform of the financial system to prevent a repeat depression, as well as on the reform of the markets and how they operate in which Members should ask what responsibility is placed on the markets. They should face up to this issue because they are trying to ensure this society never again lands back on this spot. On that question, I also ask what the stability treaty can do to manage the markets in order that they are more responsible.