Brian Hayes (Dublin South West, Fine Gael) | Oireachtas source

Mr. Draghi's involvement has been monumental, not least in bringing the Council to the unanimous position at which it arrived, but at a bigger level in the three year money at 1% offered to the banks, the bond buying for the Spanish and Italian banks and the OMT proposal. He has been the game changer. He understands that if we are to get to a better place, we must deal with the debt.

Our debt problem is difficult. It is about 118% of GDP at present and will max out at about 120%. The debt problem in every other European Union country is just as bad, or close to it. The average debt position is about 98% of GDP. When I was studying economics, I was always told the red lights go off when the debt is more than 90% of GDP. Europe is in a bad place on debt. We must work on achieving an agreed solution to which we can all sign up. That is why banking union is so important and why we are ambitious for a further deal that will help the country get back on its feet.

I appreciate, as the Government does, the support we have received from this House. The Government will make itself available to this House, to committees and to the Dáil to make sure we go through the detail of this on a constant basis. We need the contrarian view. I agree with my colleague, Senator Barrett. We need contrarians in this society, including Senator Norris, so that we are constantly asked questions. If we have learnt one thing from this crisis, it is never to take at face value the advice of the permanent government. We need people on the outside, people in politics, the commentariat and others constantly putting us under the microscope in terms of finding a solution. That has to be for the good of public policy.