THE FAILURE of Europe’s leaders to have “an inclusive and active dialogue” was at the heart of the escalation of the euro zone crisis in recent months, Fianna Fáil leader Micheál Martin claimed.
He said detailed discussions between France and Germany had always been a valuable part of achieving progress on big European issues. The two countries had often had conflicting policies but bilateral negotiations were essential in helping the functioning of the union’s institutions.
“However, this co-operation has never been so exclusive of other countries and never before has it included issues which affect so many countries in such a profound way. No major reform of the union has even been achieved in this manner.”
Mr Martin said the delayed European summit marked the last chance for Europe’s leaders to tackle the growing crisis.
“Europe needs them to agree a dramatic package of supports and the revision of failed policies. The alternative is damage to the economic and political fabric of the union which may take decades to undo.”
An “unforgivable amount of time” had been wasted by leaders seeking “easy ways out or clever ways of appeasing national sentiment”. The process of halting and half-hearted actions had managed to escalate the crisis, the Fianna Fáil leader added.
“It is more than two months since it became clear that existing deals are inadequate and that the Greek situation could engulf Europe.”
In a debate in advance of the next European Council meeting in Brussels, Mr Martin said the contagion which forced Ireland and Portugal out of the bond market had not been contained and confidence had not been recovered.
“Larger and more systematically important economies are now on the edge with rising concern about bank capitalisation adding an extra layer of instability.”
There had been, he added, regular and emergency summits which issued claims to have drawn a line under the crisis, with each summit followed by the crisis worsening.
“Today, even Jean-Claude Trichet, the high priest of orthodox financial policy, is warning that Europe is on the edge of disaster.
“There is one overwhelming message before this summit, which is to act decisively or be prepared for the consequences.”
Taoiseach Enda Kenny said the meeting was to have taken place next Monday. However, last Monday president of the European Council Herman van Rompuy said it would be convened a week later.
“This is to allow time to finalise a comprehensive strategy for the euro area,” Mr Kenny added. “In a number of key areas, the extra time will mean we have a more complete picture available to us when we meet to take the necessary decisions.”
Sinn Féin’s Pádraig Mac Lochlainn said Ireland’s political leaders had been reduced to playing the bold child who must sit on the stairs until their disappointed parents were satisfied that they had learned their lesson.
