David Cullinane (Sinn Fein)

It is important to say from the outset that this is not an abstract debate. In canteens and households up and down this State, and presumably across Europe, families and individuals are discussing the future of the euro and the implications for them of events in Europe and Ireland. We attended a presentation in the AV room today concerning people in receipt of rent supplement and the difficulties experienced by some because of rent threshold caps. We could discuss a raft of issues that are affecting people. This debate is not academic. It is about the real economics affecting people across Europe.

As Senator Norris stated, the Minister of State's honesty is refreshing. We welcome the honesty and clarity he brings to his role and to his contributions in the Seanad. Sometimes, laying matters before us honestly reinforces our concerns. When the Minister of State posed the question of where was the firewall, I was concerned to learn the European Stability Mechanism, ESM, treaty is that firewall. Given the size of the countries seeking bailouts - €100 billion for Spain alone - many people believe the pot of money might not be enough.