Fidelma Healy Eames (Fine Gael)

I appreciate that but how is this provision healthy? There is no point in us looking back in ten years and asking how we let that pass us by. The Minister of State might comment on it. Senator D'Arcy touched on the next issue. Will the ESM will get a banking licence and will it have an independent regulator?

These are the questions for here and now. Others have referred to the bigger point about the need for a long-term view on the euro. I am concerned and, having canvassed in the recent referendum campaign, I know the Irish people are concerned. We are tired of hobbling from one crisis to the next. We need a political as well as an economic solution for Europe. We need a ten year economic plan to save the euro, and that will require leadership. I am not so sure where that leadership is in Europe now.

When we take on the European Presidency on 1 January next, we must be magnanimous and think of the entire Union. There is no doubt that Chancellor Merkel has a great opportunity to give that leadership, but we have not seen it. Helmut Kohl showed such leadership when he reunited Germany, and we should remember that Chancellor Merkel comes from the former East Germany. It is not easy to lead when one is looking behind at people, trying to keep them happy, and we should remember that Germany makes up a third of the eurozone. Will the Minister of State comment on the political leadership needed in Europe and where he believes it is coming from?

I know our position and was delighted to hear our Taoiseach, Deputy Kenny, talking about the need for a European banking union. It is long overdue and if we have a common currency, there should be a common banking union. Our people want renegotiation of our banking debt and the Minister for Finance, Deputy Noonan, is working very hard on the promissory notes issue. It is very important for us to focus on the growth and jobs agenda but we need a loud and assertive voice to wield that weight in Europe and shift the narrative away from Chancellor Merkel, as I do not see the leadership there.

I look forward to hearing the Minister of State's views. We will have an excellent opportunity on 1 January with the European Presidency and we can step up to the plate as a country. Perhaps we can provide the leadership Europe does not have right now. Although we do not have all the money, we can provide the inspiration.