Chris Andrews (Dublin South East, Fianna Fail)

I thank Deputy Calleary for sharing time with me. I am delighted to have an opportunity to contribute to this important debate.

It is important to state at the outset that Ireland is part of a globalised economy. Everybody, including the dogs in the streets, know this. Our position in that world is affected by what happens in the United States of America. The only people who do not appear to be aware Ireland is part of a global economy are Members of the Fine Gael Party. The motion before the House makes no mention of the fact that Ireland is part of a globalised economy.

Clearly, Fine Gael is trying to blinker the public into believing that we in Ireland will be only affected by events in Ireland; that we alone can deal with them and that the meltdown in the US financial markets will have no impact on Ireland. This is not the case. There is an acceptance that savings must be made. There is also an acceptance that we cannot return to the situation that prevailed in the 1980s. Deputy Calleary stated that we are in a much better position now than we were in the 1980s and prior to that. We now have more than 2 million people in work, a substantial pension fund and our best asset is our educated young workforce.

The financial markets of any country depend on confidence in the system. That lack of confidence did not originate in Ireland rather, it originated in the US. Despite what Deputy Michael D. Higgins said, it has spread like a virus. The financial markets are so delicately balanced that confidence has a significant impact on them.

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