Lorraine Higgins (Labour) | Oireachtas source

Perhaps I will take some style tips from Senator Zappone.

I welcome the Minister of State to the House. It is welcome to have her address the Seanad, especially given her experience in dealing with issues of national and European importance in her role as Minister of State with responsibility for European affairs. She is a great ambassador and Irish people can be proud to have her representing our interests in Europe. Her visit to the Seanad is also timely given that Ireland currently holds the Presidency of the European Union. Many Ministers and officials have visited and many more will visit Ireland in the next four months.

This is the seventh time Ireland has held the responsibility of Presidency and it is undoubtedly a major honour for the country. The 2013 Presidency comes as we celebrate the 40th anniversary of our accession to the European Economic Community in 1973 and is rooted in the commitment to the European project we have shown since we joined the EEC. As we mark the 40th year of membership, we should reflect on the remarkable changes that have taken place as a consequence of our membership. I speak in terms of infrastructure, as well as culturally, politically and economically.

My colleague, Senator Mullins, stated recently that the Republic did not have a motorway when we joined the European Union. We need only look back to 1973 and consider what we have attained as a consequence of EU membership. In 1973, Ireland' wealth level stood at only 60% of the European average, while today, despite the effects of the economic crisis, our level of prosperity is above the EU average. In the early 1970s, more than 50% of our exports went to our nearest neighbour, the United Kingdom, whereas today we trade services and goods globally, which is a fantastic achievement for such a small country. European Union economies such as Germany have also become important markets for our exports.

For the purpose of this discussion, I will focus on the priorities and aims for the Irish Presidency, which will, I hope, help shape and contribute to European growth and recovery in the years ahead. The Presidency has already made significant strides towards reassessing our debt burden. Within two short months of assuming the Presidency, the Government was able to facilitate an easing of the country's debt burden through a deal on the Anglo Irish Bank promissory note. Commentators and other political parties did not believe such a deal was possible.

This is a matter that other political parties and commentators believed was never possible. It is certainly a very welcome departure. We now need to continue to highlight the importance of Ireland's debt problem and keep pushing for a deal on our sovereign debt. All in all, it is fair to state our priorities during the Presidency can be summed up by the words ?stability, growth and jobs". As a country, we have gone through financially turbulent times, exacerbated only by a world recession. However, we must realise that in great adversity opportunity knocks, and now is the time that the EU can display its strength and stability and show we have the ability to foster growth, even in these much-maligned times. We must show that once we secure steady growth, we can foster any employment opportunities and contribute to our people handsomely.

The best example of Europe's ability to confront such trying and testing issues is that of Ireland. Undoubtedly in the recent past, Ireland has gone through peaks and troughs in terms of growth. In the 15 years or more prior to 2008, we were the envy of Europe with our unprecedented economic growth, fuelled by too many resources being devoted to the property sector. This must now be admitted. Irish banks had continued to adopt a flaithiúlach approach to lending, which culminated in the then Government guaranteeing their borrowings, thus inextricably linking our sovereign debt to our bank debt. The cost has been considerable to the country as a whole. In 2010, as we all know, we were forced to seek a bailout from the European Union and IMF. In fairness to the Union, it was willing to pony up the funds at the time. There is no doubt that Ireland has taken a huge hit as a consequence of what occurred and as part of the effort to save the European economy and its banking sector. That should not be forgotten by European decision-makers.

As a consequence of the decision made by Ireland at the time in question, its citizens have continued to suffer greatly, and that must be acknowledged. We have taken a huge hit and played our part in trying to sort out the economic malaise. Taxes have increased and expenditure has been severely curtailed in the country. We must look at the daylight at the end of the tunnel. This should manifest itself as relieving the burden of our bank-related debt. We have shown that there is a path back from the crisis. We have really taken the hard medicine over recent months and years. It is not an easy path. The Irish are very resilient and will continue to be so. It must be acknowledged that, in the interest of the Union, we can be the poster boy of the continent and show other countries that they can also come through an austerity programme successfully, gain the confidence of international lenders and take back fiscal independence while remaining within the Union.

As a citizen, I yearn for the day that the term "PIIGS", referring to Portugal, Italy, Ireland, Greece and Spain, will become "PIGS". I acknowledge that the Minister of State, the Government and all representatives from our parties in Europe are striving to achieve this goal.

I hope the Minister of State will take into consideration parts of my submission and work towards reaching the goal we all yearn for, namely, a return to fiscal independence in EU matters.