Marc MacSharry (Fianna Fail) | Oireachtas source

Whatever happens on foot of the enactment of this legislation or whatever deal is reached later today, what is happening is not going to be the game changer that was predicted with regard to easing the pressure on citizens in the context of the adjustment which must take place. In fact, that is a much larger issue which is connected to the dithering taking place in Europe. There is a policy of appeasement at present in respect of certain superpowers within the European landscape and where they stand politically and this is based on considerations such as the outcome of regional elections in Germany, elections in France or whether a particular development will please a particular coalition partner in a certain government. What we do in this country does not matter. We must build alliances with other small member states and force Europe to realise that, unfortunately, the ECB mission will not and cannot work any longer. Ireland's economy constitutes less than 1% of the overall economy of the eurozone and it does not matter whether inflation here is 50% or minus 50% because the ECB does not care and interest rates across the EU will remain the same. History will continue to repeat itself until the adjustment to which I refer is made.

As the prospect of Spain going over the cliff draws closer - which could involved the loss of many hundreds of billions of euro rests - those in Europe may finally be obliged to realise that there is going to be a need to consider debt write-downs and debt forgiveness. That is a fact. As sure as I am standing here, that to which I refer is going to happen. Despite the best efforts of the Minister and his predecessor, the late Brian Lenihan Jr., in forcing the Irish people to accept so much austerity, the reality is there is not going to be a bounce as a result of what is taking place. In the recessions of the 1980s, etc., global growth continued to take place and there were other tools at the disposal of Irish Governments in order that they might offset some of the pain. Those tools no longer exist nor will they come back into existence for several years unless Europe begins to get its act together.

I am hugely uncomfortable with the prospect of voting in favour of the legislation but I will do so. We have no choice but to accept the Minister's word that-----