Browse content similar to 10/11/2011. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
Hello and welcome to the programme. Coming up this week: Alasdair | :00:26. | :00:29. | |
McDonnell gives himself six months to get the SDLP back on track. Is | :00:29. | :00:33. | |
it too tall an order? Can a Sinn Fein Culture Minister | :00:33. | :00:39. | |
protect and promote the Irish Language? | :00:39. | :00:43. | |
Would opposition save the smaller parties from the risk of oblivion? | :00:43. | :00:45. | |
And are we all doomed? The implications of the expanding | :00:45. | :00:54. | |
eurozone crisis. The new SDLP leader says the party | :00:54. | :00:58. | |
will lose even more support if it hasn't shown itself to be fit for | :00:58. | :01:01. | |
electoral battle at the end of six months. Alasdair McDonnell is with | :01:01. | :01:08. | |
me. Congratulations on your election. Are you happy with the | :01:08. | :01:16. | |
light? Very happy! Cheap shot, but I had to get that in. You said that | :01:16. | :01:20. | |
all that was wrong with the party was they did not get enough votes. | :01:20. | :01:27. | |
Yes, I believe that. Do you believe you have to be more organised or | :01:27. | :01:31. | |
find a more distinct identity? have a very strong policies and a | :01:31. | :01:38. | |
clear vision. We can have a united people living in peace, reconciled | :01:39. | :01:47. | |
piece, living on this island. that is your existing identity, no | :01:47. | :01:51. | |
one has bought it. You have lost half of your vote over 12 years. | :01:51. | :02:00. | |
People have bought it. People wanted their -- The DUP and Sinn | :02:01. | :02:05. | |
Fein to come in from the cold. They have allowed them to hijack the | :02:05. | :02:13. | |
Executive system of Stormont. Stability is great, but there is a | :02:13. | :02:18. | |
distinction between stability and paralysis. And that is what we have. | :02:18. | :02:24. | |
How do you got about changing? People want us to start developing | :02:24. | :02:28. | |
Stormont. I believe the reinvigorated SDLP will be in a | :02:28. | :02:34. | |
position to challenge that and move on. How do you start your | :02:34. | :02:40. | |
reinvigoration? By getting people to come to meetings? You have many | :02:40. | :02:46. | |
branches which never meet. Firstly, I would start with our gaps and our | :02:46. | :02:50. | |
shortcomings. We have places where we have lost Assembly seats and | :02:50. | :02:54. | |
places where we should have won them. Then we can look at places | :02:54. | :03:00. | |
where we should have more council seats. What about energy and drive? | :03:00. | :03:06. | |
Let me finish. I have lined up many people across the party at local | :03:06. | :03:11. | |
level to appoint a whole series of constituency representatives. If | :03:11. | :03:21. | |
:03:21. | :03:23. | ||
you like, so it or apprentice MLAs. I know we can fill the gaps. The | :03:23. | :03:26. | |
people are there and they have said they want to do this. These are | :03:26. | :03:30. | |
people who want to compete for a Assembly or council seat at the | :03:30. | :03:35. | |
next election. Let empower them and led them lose. You talk about | :03:35. | :03:42. | |
collective leadership. Will these local branches have the right to | :03:42. | :03:48. | |
choose a potentially losing ticket? There is this dichotomy between | :03:48. | :03:55. | |
strong central leadership and local decision-making. Which do you want? | :03:55. | :04:00. | |
In the past, we have allowed a certain amount a drift to take | :04:00. | :04:08. | |
place. We can no longer afford that. We must find -- recreated a | :04:08. | :04:12. | |
situation and I hold my hands up to situations like West Tyrone where | :04:12. | :04:16. | |
we shredded our world there with three candidates. That will not | :04:16. | :04:21. | |
happen again under my watch. We will do research. We will prepare | :04:21. | :04:25. | |
now for elections in three years' time. We will do the research and | :04:25. | :04:30. | |
make a proper assessment, rather than allow our cells to drift into | :04:30. | :04:34. | |
a selection convention after local level where the sums have not yet | :04:34. | :04:40. | |
been done. You talk about emphasising the party's Social | :04:40. | :04:45. | |
Democratic back ground. You talk about criticisms of the Tory cuts, | :04:45. | :04:50. | |
for example. What policy can you come up with that old generate more | :04:50. | :04:55. | |
money? The SDLP would just have to take what comes from Westminster, | :04:55. | :05:01. | |
like any other party. Let me emphasise that social justice is at | :05:01. | :05:06. | |
the very core of our values. We want to see social justice across | :05:06. | :05:12. | |
the city and across northern Alan. We're under committed to that than | :05:12. | :05:17. | |
most other parties. Others are looking for social justice for | :05:17. | :05:23. | |
themselves. We're looking at it for everybody. Secondly, if we produce | :05:23. | :05:27. | |
some tremendous financial papers over the last few years at show | :05:27. | :05:32. | |
were money can be shifted within the block grant. We were told it | :05:32. | :05:41. | |
was nonsense. Get the Minister for Finance picked up those ideas | :05:41. | :05:45. | |
within 12 months. The ideas and the opportunities are there if. | :05:45. | :05:49. | |
electorate did not give you the benefit of that. The electorate was | :05:49. | :05:57. | |
looking for stability and wanted to stains it -- sustained stability. | :05:57. | :06:02. | |
They wanted parties to comment to be house-trained and locked into | :06:02. | :06:08. | |
the system. The problem is that that stability has become paralysis. | :06:08. | :06:15. | |
No legislation is coming out of Stormont. People expect more. They | :06:15. | :06:19. | |
deserve more. The economic situation out there is scary for. | :06:19. | :06:23. | |
He will hold a conference on the economy. What good will that do? | :06:23. | :06:27. | |
The economy is important to people. We will look at a whole range of | :06:27. | :06:33. | |
people within the economy -- a whole range of things within the | :06:33. | :06:37. | |
economy. I have spoken to the Minister for Agriculture in the | :06:37. | :06:43. | |
South recently. Food production is a real opportunity here. China is | :06:43. | :06:49. | |
eating all we can get their hands on. We can forget about food coming | :06:49. | :06:53. | |
from Australia and New Zealand in the past. That has gone. Equally, | :06:53. | :07:01. | |
Brazil. Agriculture and food production is already something of | :07:01. | :07:05. | |
a success on the island. You don't really need to worry about that. | :07:05. | :07:11. | |
Weekend double our food output. We have to double the production of | :07:11. | :07:18. | |
food and dramatically increase the processing of food. This is acclaim, | :07:18. | :07:21. | |
a green island. Whether north or south, we can produce the food that | :07:21. | :07:26. | |
people across Europe will look at and say it is clean and healthy and | :07:26. | :07:32. | |
he has all. That is what I want to do. But I want to look at renewable | :07:32. | :07:37. | |
energy because energy prices, people will be given a choice of | :07:37. | :07:43. | |
heating or eating next winter. A lot of our elderly people will see | :07:43. | :07:47. | |
serious difficulties. Do you accept there is nothing you can do to get | :07:47. | :07:52. | |
more money into Northern Ireland? Or of the parties have to follow | :07:52. | :07:56. | |
what comes from the Treasury. It is not the fault of Sinn Fein and the | :07:56. | :08:04. | |
DUP. I think they can do better. Firstly, make arguments with the | :08:04. | :08:09. | |
Treasury. Secondly, in handling the money that they get. All we do is | :08:10. | :08:15. | |
top slice it and strangle it and squeeze it to death. -- all they do. | :08:15. | :08:22. | |
Peter Robinson has been to Downing Street many times. We have to make | :08:22. | :08:27. | |
more robust and stronger arguments. There has been paralysis over | :08:27. | :08:35. | |
corporation tax. Maybe we will, maybe we won't. We have to be | :08:35. | :08:39. | |
creative and create strengths -- create opportunities for the | :08:39. | :08:43. | |
businesses out there that are working. When you get the finance, | :08:43. | :08:47. | |
I don't want to spend the rest of my life in a political system where | :08:48. | :08:54. | |
all we're doing is fiddling around how we divide up a block grant. We | :08:54. | :08:58. | |
have to be creative and show some initiative and ambition. There is a | :08:58. | :09:04. | |
lot we can do in terms of job creation and job promotion. There | :09:04. | :09:09. | |
is a whole array of things we can do around tourism, for instance. | :09:09. | :09:14. | |
That is what Our economic conference will be about. Where | :09:14. | :09:18. | |
does this put Irish unity in your list of priorities? In the list of | :09:18. | :09:23. | |
my priorities, and or Irish unity is about reconciling the people | :09:23. | :09:28. | |
across this island. That is about reconciliation in the north and | :09:28. | :09:35. | |
then across everyone. How? It is about removing barriers. I want | :09:35. | :09:43. | |
people in the North to go to Dublin whenever they like. We have a lot | :09:43. | :09:48. | |
of fear or here which we have to demolish. Reconciliation is the key | :09:48. | :09:58. | |
:09:58. | :09:58. | ||
note. You talk about the Forum on a unity, but Sinn Fein were within | :09:58. | :10:05. | |
striking distance of the presidency, for heaven's sake. They were within | :10:05. | :10:10. | |
striking distance of nothing. He was expecting 20% of the vote and | :10:10. | :10:19. | |
he got 13. They came third. Where did you come? We have a very clear | :10:19. | :10:23. | |
focus on what our objectives are. We're out to reconcile people | :10:23. | :10:28. | |
across the island, not to divide them. Not to create divisions which | :10:28. | :10:33. | |
should not be there. We will work at that. There would be no tat is | :10:33. | :10:38. | |
that the people have given us the remit to reconcile with in the | :10:38. | :10:47. | |
north which means reaching out all the time to people. We want | :10:48. | :10:52. | |
reconciliation and to bring people together. We will not beat people | :10:52. | :10:57. | |
into a united Ireland. Your predecessor was the first to wear a | :10:57. | :11:02. | |
poppy. Would you wear one? Are not at this stage. Many members wear | :11:02. | :11:08. | |
them and some choose not to. I am happy if people want to wear them. | :11:08. | :11:12. | |
I will pay my respects on Sunday. I don't think you have to wear a | :11:12. | :11:22. | |
:11:22. | :11:25. | ||
poppy for that. What about your ministers? I am confident in the | :11:25. | :11:33. | |
person you mentioned. I cannot predict where we will be this time | :11:33. | :11:40. | |
next year. What I intend doing is creating that collective leadership | :11:40. | :11:50. | |
:11:50. | :11:52. | ||
and talent base through other party. We have former leaders. Nine Deputy | :11:52. | :11:58. | |
Leader and others. I intend to work with them. There are no plans for | :11:58. | :12:03. | |
anyone to move. I will be forging the best possible team I can within | :12:03. | :12:09. | |
the party. You are an MP and yet you have this colossal task ahead | :12:09. | :12:14. | |
of you of reinvigorating the party. How and it can you serve the party | :12:14. | :12:20. | |
and you Belfast constituent? constituents are happy. You have | :12:20. | :12:26. | |
not started a job yet! I have a duty with me. I will continue to | :12:26. | :12:31. | |
serve my constituents. I will be wherever I am needed and do | :12:31. | :12:36. | |
whatever I need to do. I have good time management. Ultimately, my | :12:36. | :12:41. | |
primary task is to lead and rebuild the SDLP. Beyond that, I will be | :12:42. | :12:48. | |
wherever I am need it. Number one, the party. Number two, the | :12:48. | :12:56. | |
constituency. My job is to sort out the SDLP, the leadership of the | :12:56. | :12:59. | |
SDLP, first of all. The constituency will be well served | :12:59. | :13:07. | |
within that. Congratulations again. Thank you. | :13:07. | :13:10. | |
The idea of a joint UUP-SDLP opposition is so ridiculous you | :13:10. | :13:13. | |
have to marvel at how many people - even within both parties - are | :13:13. | :13:16. | |
discussing it. You might say stranger things have happened. The | :13:16. | :13:20. | |
DUP and Sinn Fein share power. But they have to share to get power. | :13:21. | :13:27. | |
They wouldn't share to get no power, and neither would anyone else. The | :13:27. | :13:30. | |
UUP's Mike Nesbitt gave that game away this week when he said he'd | :13:30. | :13:34. | |
like an opposition system, but not so his party could be in opposition. | :13:34. | :13:38. | |
There are some places in the world, especially Africa, where you do get | :13:38. | :13:40. | |
opposition coalitions. But only before an election. After the | :13:40. | :13:42. | |
election, it's back to every opposition party for itself. Losing | :13:42. | :13:45. | |
is a terrible basis for cooperating, and that's before you consider the | :13:45. | :13:54. | |
unique problems of our two local losers. Now that everyone has | :13:54. | :13:57. | |
conceded the principle of power- sharing, the SDLP and UUP are | :13:57. | :14:00. | |
basically Sinn Fein and DUP-lite. If they walked out of the executive | :14:00. | :14:03. | |
and caused enough of a crisis to get the rules changed, it wouldn't | :14:03. | :14:07. | |
give us a new kind of politics. It would just give us a choice between | :14:07. | :14:10. | |
two almost identical kinds of politics. And that's only if it | :14:10. | :14:13. | |
worked, which of course it wouldn't. First, the UUP and SDLP can't cause | :14:13. | :14:16. | |
a big enough crisis to get the rules changed. Stormont's rules | :14:16. | :14:19. | |
only require the largest party from each side to show up. So you have | :14:19. | :14:23. | |
to be top dog before you stick a spanner in the works. It won't work | :14:23. | :14:33. | |
:14:33. | :14:33. | ||
Second, even if by some miracle Sinn Fein and the DUP agreed to a | :14:33. | :14:36. | |
formal opposition system, there's no way the UUP and the SDLP could | :14:36. | :14:39. | |
manage it together. They can't even manage themselves separately. Some | :14:39. | :14:42. | |
parts of the SDLP speak so rarely to each other you could almost call | :14:42. | :14:46. | |
it a cell structure. And look at the UUP's recent history of cross- | :14:46. | :14:49. | |
party deals, with the Tories or the PUP. That, rather than some bright | :14:49. | :14:53. | |
new dawn, is how a deal with the SDLP would pan out. These are two | :14:53. | :14:55. | |
parties with nothing in common except decline and desperation, as | :14:55. | :14:59. | |
Sinn Fein and the DUP would have a field day pointing out. So why is | :14:59. | :15:01. | |
anyone even discussing such a dreadful idea? It's not because | :15:01. | :15:04. | |
Stormont's rules are unnatural and a more parliamentary democracy must | :15:04. | :15:09. | |
evolve. Stormont is just a glorified county council. It can | :15:09. | :15:12. | |
share power out to all parties as happily as your nearest town hall. | :15:12. | :15:14. | |
In fact better cross-community power sharing is the supposed | :15:15. | :15:17. | |
selling point of a UUP-SDLP pact. No, this idea is being discussed | :15:18. | :15:20. | |
because the situation of both parties is so clearly hopeless that | :15:20. | :15:23. | |
last chance options are now on the table. And a joint arrangement is | :15:24. | :15:26. | |
seen as the last chance because their fate is so obviously | :15:26. | :15:29. | |
connected. It's the logic of tribal politics, once one community stops | :15:29. | :15:34. | |
splitting its vote, the other will soon follow. Alasdair McDonnell may | :15:34. | :15:37. | |
have got the lights back on but he and Tom Elliot are wrestling with | :15:37. | :15:42. | |
the dimmer switch of history. In the 50 years before the Troubles, | :15:42. | :15:44. | |
Northern Ireland had one big unionist party, one big | :15:44. | :15:47. | |
nationalists party and a rag-bag of independents and little parties in | :15:47. | :15:52. | |
between. That's our natural state, and now we don't need a war and a | :15:52. | :15:55. | |
peace party each, we're going back to it. | :15:55. | :15:59. | |
The thoughts of Newton Emerson. It's six years since the St | :15:59. | :16:01. | |
Andrew's Agreement promised an Irish Language Act. Successive DUP | :16:01. | :16:04. | |
Culture Ministers stifled it, but can the latest Sinn Fein incumbent | :16:04. | :16:10. | |
push it along? And with the bodies which foster the language | :16:10. | :16:13. | |
themselves under financial threat, Julia Paul finds Irish in need of | :16:13. | :16:22. | |
all the friends it can get. For next generation of our Irish | :16:22. | :16:28. | |
speakers at school in Belfast. -- for next. For them, it's a way of | :16:28. | :16:31. | |
life but in Northern Ireland, of the line was language has no legal | :16:31. | :16:38. | |
statement -- status. This is a major part of the work at the Irish | :16:38. | :16:42. | |
language organisation. People here have been arguing for an act for | :16:42. | :16:47. | |
Northern Ireland since 2003. This is the only part of these islands | :16:47. | :16:50. | |
where the primary indigenous language is not protected by | :16:50. | :16:54. | |
legislation. What you have is an exceptional situation in relation | :16:54. | :17:00. | |
to the protection of Irish. Domestic legislation would redress | :17:00. | :17:05. | |
the situation, redress that anomaly. I think it would make it much | :17:05. | :17:08. | |
easier for Irish because to understand what their rights are | :17:08. | :17:12. | |
and to use those rights. It would make it easier for civil servants | :17:12. | :17:15. | |
and public bodies to know what it is they have to do and to deliver | :17:15. | :17:18. | |
their services and to do that in a way which is cost-effective and | :17:18. | :17:23. | |
pre-planned. It was 2006, and the St Andrews agreement, when it was | :17:23. | :17:26. | |
agreed that the government would bring forward legislation to | :17:26. | :17:31. | |
promote the Irish language. In the the last Assembly, the department | :17:31. | :17:35. | |
of culture, arts and leisure was held by the DUP. The party opposed | :17:35. | :17:38. | |
the actor and as it needed cross- party support, plans were shelved. | :17:39. | :17:48. | |
:17:49. | :17:50. | ||
Now we have a Sinn Fein minister. What has changed? A code for member | :17:50. | :17:55. | |
ask the question... Could the member asked the question and | :17:55. | :18:00. | |
translate, please? Mr Deputy Speaker, I was in the process of | :18:00. | :18:06. | |
asking a question when he interrupted me. I shall now | :18:06. | :18:10. | |
translated as required by the Rules of the house. Would the member sit | :18:10. | :18:15. | |
down, please? One of the ways of depoliticise the Irish language is | :18:15. | :18:18. | |
to give the people the right they are asking for. After that there is | :18:18. | :18:22. | |
no issue with it. One of the benefits of an Irish Language Act | :18:23. | :18:27. | |
would be to ensure that Irish can no longer be used as a political | :18:27. | :18:31. | |
football and both the Unionist parties have said that is what they | :18:31. | :18:35. | |
would like to see. The minister did not want to do an | :18:36. | :18:40. | |
interview but is understood to want to bring forward proposals for an | :18:40. | :18:44. | |
act in the New Year. In the meantime, the economic situation | :18:44. | :18:48. | |
has changed. The bodies that advocate for the Irish language and | :18:48. | :18:53. | |
Northern Ireland are not funded by a... They are funded by the All | :18:53. | :18:56. | |
Ireland body. That body is also looking to change the way it hands | :18:56. | :19:00. | |
out funding. Out of seven organisations that could be | :19:00. | :19:04. | |
affected in the North, 40 % of those organisations are now faced | :19:04. | :19:08. | |
with closure. I think while the proposals will have a detrimental | :19:08. | :19:12. | |
effect throughout the island, in the North it will be particularly | :19:12. | :19:17. | |
bad. How can you put an Irish language if there is no voluntary | :19:17. | :19:23. | |
sector left to do the work? It is not the only group under threat. | :19:23. | :19:28. | |
Part of the work of the trust in Belfast is to promote the Irish | :19:28. | :19:32. | |
language to the Unionist community. Basically, we will be disqualified | :19:32. | :19:39. | |
from applying for funding because our work is mainly within Northern | :19:39. | :19:43. | |
Ireland and we don't operate on an All Ireland basis. He did that for | :19:43. | :19:50. | |
a very good reason. It is because we respond to the particular | :19:50. | :19:54. | |
conditions in Northern Ireland. We do not believe that any All-Ireland | :19:54. | :20:00. | |
based organisation would be able to have a board that includes people | :20:00. | :20:04. | |
who are passionate about the Irish language but also a passionate | :20:04. | :20:08. | |
about maintaining the link with Great Britain. We have both | :20:08. | :20:11. | |
Unionist and nationalists on our board. That would not happen -- | :20:11. | :20:21. | |
happen in an All-Ireland body. There has to be a review. Currently, | :20:21. | :20:25. | |
the organisation funds 19 other organisations across the island | :20:25. | :20:30. | |
which takes 7.2 million of their 20 million euros budget. That budget | :20:30. | :20:34. | |
is decreasing and they have to streamline. That could mean the | :20:34. | :20:38. | |
funding just nine projects. Seven of which are based in the Republic | :20:38. | :20:43. | |
of Ireland. Surely you must accept that it because we have no act in | :20:43. | :20:46. | |
Northern Ireland to protect their his language, by withdrawing | :20:46. | :20:49. | |
funding from those organisations that promoted, you are inevitably | :20:49. | :20:55. | |
going to damage the Irish language sector. This organisation, since | :20:55. | :20:59. | |
its inception, has taken into account the different circumstances | :20:59. | :21:03. | |
north and south when drawing up schemes. We will continue to do so. | :21:03. | :21:07. | |
Who will expect a successful applicants for any of the schemes | :21:07. | :21:12. | |
to show that they can provide a service to the Irish lineage | :21:12. | :21:15. | |
community and to the wider community in Northern Ireland. We | :21:15. | :21:24. | |
have done so since our inception and will continue to do so. | :21:24. | :21:28. | |
Irish medium schools, lessons are continuing, despite the debates | :21:28. | :21:31. | |
about the status of the language. Those campaigning for an act say | :21:31. | :21:37. | |
they will continue to do so as long as they have funding. The other | :21:38. | :21:41. | |
propositions say they are consulting on that, unless that is | :21:41. | :21:44. | |
resolved it looks as if there will be fewer jobs for Irish speakers in | :21:44. | :21:50. | |
the future. The travails facing the Irish | :21:50. | :21:56. | |
language. As Italy battles to save its economy from bailout, and | :21:56. | :21:59. | |
Germany and France again raise the prospect of a two tier Europe, the | :21:59. | :22:02. | |
whole European economy seems balanced on a knife edge. So are we | :22:02. | :22:05. | |
all doomed? I'm joined from Dublin by the economist Charles Larkin. | :22:05. | :22:12. | |
Welcome. Can we, on this island, sit in a relaxed mode and watch the | :22:12. | :22:15. | |
crisis evolved in Italy or are we still in a visit to our next? | :22:16. | :22:21. | |
are very much in the middle of this crisis and there is no way that | :22:21. | :22:27. | |
Britain or Ireland can ignore it. The financial integration of both | :22:27. | :22:31. | |
Ivan's is so complete in to the eurozone that if anything went a | :22:31. | :22:37. | |
cropper on the Continent, it would have profound implications not only | :22:37. | :22:41. | |
for Ireland as a member of the eurozone, under the stress, but | :22:41. | :22:45. | |
also for Britain and its independent currency, the sterling, | :22:45. | :22:49. | |
because of a bank exposure. worried should we be about the | :22:49. | :22:56. | |
contagion reaching Italy and France? We should be concerned | :22:56. | :22:59. | |
because the principal way they should deal with this sort of | :22:59. | :23:02. | |
problem is through central banks and the central bank that acts as a | :23:02. | :23:06. | |
lender of last resort. Effectively, it attempts to manage tie is the | :23:06. | :23:10. | |
problem away. In the case of the European Central Bank, they put | :23:10. | :23:16. | |
measured doses into the bond market to try to stop the contagion and to | :23:16. | :23:20. | |
try to heal some of the winds in the Italian bond market but they do | :23:20. | :23:30. | |
not have a legal mandate to continue this in... Not like the | :23:30. | :23:33. | |
way in which the Bank of England would work in Britain. The | :23:33. | :23:38. | |
contagion, ultimately, has to be For -- dealt with at a political | :23:38. | :23:44. | |
level, a supranational level, and the European Commission, European | :23:44. | :23:48. | |
Central Bank and ultimately the principal actor in this, the German | :23:48. | :23:54. | |
government, and the Bundesbank, have to come up to her decision | :23:54. | :23:58. | |
that is politically acceptable and as effective. Otherwise, we are | :23:58. | :24:04. | |
looking at over one trillion Euros worth of Italian bonds having to be | :24:04. | :24:09. | |
restructured, which is the concern of eminent Rooker -- economists | :24:09. | :24:14. | |
around the world. Of course, the fear for Angela Merkel is that if | :24:14. | :24:19. | |
Germany will not agree, or the German people are not happy about | :24:19. | :24:24. | |
continually break -- bailing out other nations. Well, that is a | :24:24. | :24:31. | |
double-edged sword because if they don't bail out the southern | :24:31. | :24:36. | |
European nations, German banks are going to have massive exposure. | :24:36. | :24:39. | |
Because the European system was designed to integrate the financial | :24:39. | :24:44. | |
system of Europe, the result has been that all the countries are | :24:44. | :24:48. | |
interconnected and the exposure of the banking sector in Germany is | :24:48. | :24:55. | |
exposed to the Baltic, Ireland, Italy, Greece, the French banking | :24:55. | :25:02. | |
sector is exposed to Italy and Greece. Ultimately, all of the | :25:02. | :25:05. | |
banking sectors of Europe have decided that the only way to have | :25:05. | :25:10. | |
saved culpable -- capital was to have sovereign bonds. They were | :25:10. | :25:15. | |
supposed to be as good as gold. Unfortunately, this has not been | :25:15. | :25:19. | |
found out to be true. There have been found out to be risky. Of the | :25:19. | :25:26. | |
German government does not step in and allow changes to be -- to take | :25:26. | :25:30. | |
place to German structures, that the ECB cannot make interventions, | :25:30. | :25:37. | |
then the eurozone is facing an existential crisis. To be honest, | :25:37. | :25:41. | |
that is the key question for Angela Merkel. Does she want to be the | :25:41. | :25:46. | |
German premiere that is responsible for Europe by the falling apart or | :25:46. | :25:53. | |
for Germany -- Europe facing taking on a fundamentally different | :25:53. | :25:59. | |
character than what was envisaged - - envisioned inventive 59. She has | :25:59. | :26:04. | |
been talking about bringing about greater integration to allow | :26:04. | :26:07. | |
European central oversight over individual economies. That is | :26:07. | :26:11. | |
surely terribly politically risky. We know how hard it was to get the | :26:11. | :26:15. | |
Lisbon treaty through Ireland, to Holland as the British would surely | :26:15. | :26:20. | |
insist on some kind of referendum if there were to be further change | :26:20. | :26:24. | |
in prospect. Again, the whole exercise could simply fall apart. | :26:24. | :26:28. | |
In the case of further integration, it is a question of fiscal | :26:28. | :26:32. | |
integration and whether or not European capitals will allow a | :26:32. | :26:37. | |
significant part of their political portfolio, which is the making of | :26:37. | :26:43. | |
budgets, to be transferred to Brussels. In the case of Ireland, | :26:43. | :26:47. | |
that has always happened in a de facto set its because our budgets | :26:47. | :26:54. | |
are being dictated by the troika. For countries that have not | :26:54. | :26:58. | |
undergone rescues, it is going to be a fundamental question to them. | :26:58. | :27:01. | |
It will not be an easy thing for the capitals of Europe, including | :27:01. | :27:06. | |
Germany, including France, to accept, that Brussels would have | :27:06. | :27:12. | |
such an active and muscular role in tough fiscal policies of their | :27:13. | :27:19. | |
national economies. Within the context of violent, it is the issue | :27:19. | :27:23. | |
of the corporate tax rate ultimately that would be the | :27:23. | :27:28. | |
concern for this economy and whether or not the 12.5 % rate of | :27:28. | :27:35. | |
tax could survive any form of fiscal federalism. Thank you very | :27:35. | :27:39. | |
much indeed. And that's where we leave it tonight. We'll do it again | :27:39. | :27:49. | |
:27:49. | :28:00. | ||
at the same times next week. I have a dream. We shall fight them | :28:00. | :28:05. | |
on the beaches. Ask not what your country will do for you... | :28:05. | :28:13. | |
Inspiring, heroic, eloquent? I'm struggling. I couldn't see Margaret | :28:13. | :28:19. | |
Ritchie in the audience. She sacked her for but he retired on TV. | :28:19. | :28:29. | |
:28:29. | :28:29. |