Thomas Byrne (Fianna Fail)

Gabhaim buíochas don Taoiseach as teacht isteach sa Seanad inniu agus gabhaim buíochas do mo cheannaire féin as ucht am a roinnt liom. Táim buíoch den Taoiseach gur admhaigh sé ina ráiteas inniu go ndearnamar sa pháirtí seo gach rud maidir leis na bainc ar son eacnamaíocht na hÉireann agus na hEorpa. Go dtí an lá atá inniu ann, tá daoine san Oireachtas ag rá go raibh rud éigin cearr leis an cinntí a rinneadh maidir leis na bainc thar na blianta beaga seo thart.

I welcome the opportunity for the Taoiseach and Ireland to host the Presidency of the European Union next year as it is a huge opportunity for him and for the country. I was in college when John Bruton was President of the European Union and I was walking down O'Connell Street when I saw the fleet of cars carrying the European Union leaders past the GPO, presumably on their way from Arás an Uachtaráin to Dublin Castle. I thought how proud the leaders of that era would have been to see Ireland hosting all the leaders of European Union as an equal and Ireland directing European Union policy. It is fair to say that during the presidencies of Charles J. Haughey and Bertie Ahern, significant progress was made on European issues. The opportunity is there for the Taoiseach next year, with the support of the country, to do the same.

A number of issues need to be addressed. The Taoiseach could push forward the issue of European bank regulation. The transaction tax should be applied on a global basis so that no country is at a disadvantage. There is a huge opportunity in regard to the ratings agencies. There were initiatives at European Union level but they have not been followed through. That needs to be done so that the people can take control and have more power over these institutions. We do not know what is going on behind closed doors in these ratings agencies which have such an influence on the global economy.

There is widespread support for the Seanad having a role in the scrutiny of European Union legislation. If we are going to bring the people with us on the European journey, which is a job the Taoiseach must do in terms of future referendums, we will have to devote much more time to the scrutiny of European Union legislation so that when issues such as bogs, habitats directives, sceptic tanks legislation, etc., come before us, a process will have been set out at a very early stage to explain where these proposals or court decisions have come from. There is an attempt to do that at committee level in the Oireachtas but surely there is a role for the Seanad in that regard, and it is a role it would be willing to play.