mr president as an irish mep it gives me no great pleasure to come in here this morning and hear almost every speaker refer to ireland because of our economic situation particularly when a few years ago we were seen as almost the pin-up boys of economic success in the european union
nevertheless i think there is a determination in ireland to put things right and i think the vast majority of people would welcome the support of our european friends and colleagues
there are a few lessons to be learned
i think mr farage was not far wrong when he said that it was due to the stupidity and greed of irish politicians who were part of the crony capitalism with the banks and regulators that brought a lot of this about
we have to learn lessons
but another thing that is going to be very important is that the supervisory architecture being put in place from one january must work so that the stress tests and so forth are sufficient to recognise what is happening in the future and people are brought to heel if they are getting out of hand
