JOINT COMMITTEE ON EUROPEAN AFFAIRS debate -
Thursday, 6 May 2010

Business of Joint Committee

Chairman

We must deal with a couple of matters before proceeding to No. 1. The proposed informal meeting with the leaders of the various groups regarding the Gaza motion will take place next Thursday, 13 May. The secretariat will be in touch with the various leaders. We must also meet with representatives of the Department of the Taoiseach for an update briefing and presentation on the EU 2020 strategy, which the committee has undertaken to review and on which it has already made submissions.

Deputy Mulcahy was also in contact with me and the secretariat regarding arranging a debate on the implications of issues in Greece for Europe and the eurozone. I agree the committee should have such a debate. We cannot have it today as it would be inappropriate and unfair to the Minister of State to seek a full and authoritative briefing on the situation. The issue was raised and discussed on the Order of Business in the House. It is a very serious issue and has implications for the eurozone and the wider European Community. I have asked the secretariat to arrange an urgent meeting with a full briefing. Is that agreed? Agreed.

Deputy Michael Mulcahy

I thank the Chairman. I accept his comment that we do not have enough time for a briefing now. An important European meeting is taking place on Friday to discuss — and, we hope, agree — aid for Greece. I would welcome such assistance for any member of the eurozone to stabilise its finances. However, if Ireland is to loan such a large amount to a European country, this committee and-or the Joint Committee on European Scrutiny should rigorously scrutinise that. There are wider implications for the entire eurozone and where it is headed. There is a threat that financial market speculators may move to other eurozone countries and put their economies under pressure. Those issues are extraordinarily important.

I suggest that the Minister for Foreign Affairs, or more appropriately the Minister for Finance if possible and subject to schedule, comes before the committee so we can discuss the financial aspects of the aid package in detail. We need to ensure the Irish public are fully informed on exactly what the assistance scheme involves.

Senator Feargal Quinn

I add my voice to that. We need to do it in order to put people's minds at rest. People are concerned about the amount of money and feel they do not know enough about the scheme but, as Deputy Mulcahy said, it is necessary. We are all behind it, but the public have concerns, so we should have that discussion.

Chairman

I agree. I spoke about the issue, long before it became what it is now, at the Chairman's meeting in Madrid in February. I strongly believe it is imperative that the European eurozone countries stick together and show solidarity. Each country must follow through on its commitments, requirements and obligations. Any movement in that area will cause serious credibility problems for all the European institutions. We should ensure we are familiar with and fully support the proposals. We will arrange to hold that discussion. The full implications of the scheme are well known in the European institutions, the diplomatic corps and those states outside the eurozone. Market speculators are welcome for their activities, but those are not always positive, as we well know.