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Sinn Féin supports the need for a Eurozone emergency fund

6 June, 2012 - by Pádraig Mac Lochlainn


Speaking during a Dáil debate on the article 136 amendment to the European treaties Sinn Féin Foreign Affairs spokesperson Pádraig Mac Lochlainn said, “The Eurozone urgently needs a permanent emergency funding vehicle”.

The Donegal Deputy said “such a fund must be based on assisting investment in jobs and growth rather than unlimited bank bailouts and crippling austerity.”

Deputy Mac Lochlainn said:

“Sinn Féin supports the creation of a Eurozone emergency fund to assist member states frozen out of the bond markets. However such a fund much be based on assisting investment in jobs and growth rather than unlimited bank bailouts and crippling austerity.

“While our preference is for the ECB to fulfil the role of a lender of last resort both to banks and states, we realise that at present this option is not an option.

“Given the rapidly deteriorating situation in Spain and Greece we believe that an alternative vehicle for providing such emergency funding is required

“On that basis we will support the proposed amendment to article 136 of the TFEU as it provides the EU with a legal basis for creating the needed emergency funding vehicle.

“However we strongly believe that the government and the European Council has used the wrong procedure to bring forward this amendment.

“This is the first time the simplified revision procedure has been used to amend the TFEU – this is very significant and requires a full and frank debate to ensure adequate public scrutiny. Unfortunately the government guillotined this debate limiting the amount of time available for discussion.” ENDS

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