In that context, I am concerned about some of the trends evident in the report. Perhaps our guests could explain the recommendation that the European systemic risk council could “issue recommendations in the form of instructions to national supervisors”. I do not understand the difference between the “recommendations” and “instructions”. How can recommendations be issued in the form of instructions? I am not sure I understand.

 I would also like to ask about the proposal whereby national supervisors will not be members of the European systemic risk council - they will merely be represented by their chairpersons at EU level.

Senator de Búrca referred to the referendum on the Lisbon treaty. People who clearly supported the European project in the past are concerned about the overriding trend towards federalism and Ireland’s inability to influence decisions that would normally be made much closer to home. This is one of those instances. Almost every year more and more authority is centralised within the European Union and moved away from the State. My query relates solely to a term used in recommendations Nos. 16 and 17. I have cited the recommendation that the European systemic risk council could “issue recommendations in the form of instructions to national supervisors”. It seems that if they are recommendations, they are recommendations and if they are instructions, they are instructions.

I am not sure that Ireland, as a nation, is not in danger of handing over far too much power in this respect. Perhaps our guests will put my mind at rest in this regard.

For the full debate, please click here.