"We should have taken democratic control over it, nationalize them and refuse to pay the bond holders," says Paul. "This year, the bailed out banks will pay € 16 billion to the bond holders and the banks are fully funded to pay them. This money could be used to pay something else," he continues.
"The banks keep saying that they are open for business but it is not real. It is so irritating that we own the banks but we do not use them as a policy tool," states Paul.
And that is a phenomenon that happens across Europe. In Ireland this is obvious with the economic management council, which is the centralization of power. "That was the context of the Seanad referendum and in that context people saw the referendum as part of that power grab," Paul believes.
We ended the interview with Paul on a lighter not, as I asked him to describe life in the European Parliament. "It is very different every day,"ha stated. "On the negative side there is a lot of travel, stress and pressure, but on the positive side there is this amount of interesting people that I meet," he said.
"In one day I can meet Palestinian candidates, Bangladeshi campaigners, or many very interesting and impressive people in one day. The only problem is that there is not enough time in my day, to follow with all that is happening," Paul continued.
"I have the privilege to be able to travel and meet people in Turkey, or in other important developments like during the Gaza flotilla raid protests. I am aware of that privilege and I want to make sure that people across Europe get as much benefit from it," he concludes.
This is the third and last part of an interview with Paul Murphy MEP, published exclusively in the Eblana European Democratic Movement blog and in the One Europe website.