Seanad debates

Thursday, 4 November 2021

Finance (European Stability Mechanism and Single Resolution Fund) Bill 2021: Report and Final Stages

 

10:30 am

Photo of Alice-Mary HigginsAlice-Mary Higgins (Independent) | Oireachtas source

There are a couple of versions of this amendment. Three, rather than two, amendments have gone in. Effectively, these amendments relate to that process the Minister rightly highlighted is happening, and is important, which is the European Commission's reinstated review of EU economic governance. Again, I know we cannot have a situation whereby we require the Minister to have agreement and so forth, but it is appropriate that there would be engagement because the position Ireland takes on this really matters. It matters in the sense that the position each country takes on the future of EU economic governance is fundamentally important to the health and survival of our Union.

It is, perhaps, particularly important in the context of the position Ireland takes because the Minister is very influential in terms of economic policy at European level. I have seen him engage in discussions and debate at an EU level. It is very important and appropriate that where Ireland is participating, contributing and perhaps shaping economic policy, all those branches of expression of the Irish public through the legislature would have engagement in that conversation. We know the influence that Irish financial advocacy has had. We saw it very recently, for example, in the discussions on tax law. The Minister spoke recently with Ms Yellen on the positions being taken by the US Treasury on tax and the question of at least - or not at least - a 15% corporate tax rate. These are all massively significant decisions and there is an onus on the Oireachtas and the Government, as the Executive branch, to engage very constructively on this because the decisions made on economic governance, and the positions taken on economic and financial policy and governance, have extraordinarily significant life and death impacts on the lives of the citizens we represent.

We know that during the financial crisis many of the decisions, including those relating to banking, were taken in the middle of the night. We know there was deep frustration during some of the period of austerity regarding the sense of disempowerment, disenfranchisement and disengagement when it came to crucial financial decisions.Many people felt that their discussion was always on the outcomes and about what service gets cut and what is most needed. We need to have an empowering, positive engagement and relationship with the European Union. For that to be meaningful, it needs to have citizen engagement and the public representatives in both of these Houses must be able to show that we can engage and that we can help to shape the European Union and its economic governance and financial structures. That is part of rebuilding faith and trust in the European Union. It says that these areas are not shut down. It is not simply a case of saying what has happened in Europe and what we need to do now but instead that we shape it. I know that we shape it and that the Minister shapes it. We need to bring that connection to the public. These are incredibly important decisions about what the economic governance of the European Union will look like in the future.

I ask that the Minister provide the Joint Committee on Finance, Public Expenditure and Reform, and Taoiseach with an outline of the proposed position that Ireland intends to take. I have three versions of the amendment. I ask that the Minister engage with us prior to any decision on economic governance. These are all different ways of wording it. I wanted to make sure that I balanced appropriately and was clear. I am not saying that the Minister needs to seek the approval of both Houses or even of the committee about the position that he takes but I ask that he engage. Will he indicate if he can support any of these three amendments? If there is a principled objection about a report, perhaps the Minister will signal what other mechanism would be appropriate for ensuring that we have public and visible scrutiny of the position Ireland will take on the next direction for the European Union.

Comments

No comments

Log in or join to post a public comment.