David Cullinane (Sinn Fein) | Oireachtas source

I may follow that lead. I welcome the Minister of State to the House. It is now four months since the summit of 29 June, when a statement was published that included a reference to Ireland. It is important in the context of this debate to remind ourselves of exactly what was stated. It read:

The Eurogroup will examine the situation of the Irish financial sector with the view of further improving the sustainability of the well-performing adjustment programme. Similar cases will be treated equally.

Nowhere in the statement is there mention of legacy or banking debt. In truth, the statement was bland and a good example of constructive ambiguity that seemed to suit everybody, from those in Germany who were clearly hostile to any notion of a banking deal to the people in this country who were able to return home and oversell the statement. I agree with Government representatives in that we need to put on the Irish jersey and get behind the Government to get a banking deal. Nevertheless, it must be about ensuring there is a separation of private banking debt from sovereign debt. We must lift the burden of that debt from the taxpayers and ensure the action is retrospective.

Nothing in June's statement or the communiqué issued either by President Hollande or Chancellor Merkel makes any reference to legacy debt or having a deal that would ensure the separation of banking debt from sovereign debt. Why is it so difficult to hear from the lips of Chancellor Merkel in very clear, simple, unambiguous language that this process will deal with legacy debt? Would that not lift any suspicion that there is no deal and give us the clarity we need? It would be good for the people and the economy, as there would be a positive reaction in the markets. When we get that kind of commitment from Europe, we can be more positive. Nevertheless, I agree that we must get behind our negotiating team, despite the fact it came very late to the party in even wanting a deal on banking debt. Had the Spanish not taken a very strong stance, we would not even be in our current position.

The Presidency is an opportunity for all of us to look forward in a positive way to what Europe can do with the real issues in this State and Europe. Topics were raised relating to energy, etc., which are important, but jobs and dealing with the unemployment crisis is the big issue. We must consider a change of direction away from the policies that got us into this mess towards policies that will grow the economy in Europe. I hope that employment, job creation and an emphasis on youth employment, given the high levels in the likes of Ireland, Greece and Spain, will be the central planks of the Presidency. If that turns out to be the case, the Government will get the full support of my party and, I am sure, others across the House. That will help to ensure we have proactive policies required by Ireland and Europe to get us out of the very dire economic mess we are experiencing.