Enda Kenny (Mayo, Fine Gael)

I was not able to attend many of those discussions which took place in break-out rooms. I participated in a panel discussion about the European issue with the Prime Minister of Finland and a representative of the Polish Presidency. I attended a lunch where people were allocated indiscriminate tables where there was a discussion on the issues of the Middle East, including north Africa, Iran and Iraq, the global perspective on the emergence of new economies in the Far East, South Africa and Brazil, and the implications for other countries. The rest of the time was taken up with face-to-face meetings with individuals. I did not have an opportunity to sit in as a member of the group in those general discussions that took place in particular rooms.

It is perfectly clear in what the Deputy says that the financial crisis had its roots in the millions of sub-prime mortgages in the United States, the application of light-touch regulation and how rating agencies allocated a number of these financial instruments and continued to allocate them very high star ratings and then it collapsed. As the Deputy is aware, billions of dollars worth of those found their way into the European system and the domino effect played its part here. The conclusions of Davos for me were certainly in the context of the connections it was possible for Ireland to make. I genuinely believe that a range of those people look at our country now in a different way than they did previously. They see the results and they know that a solid start has been made although there is a long way to go. It was important that I had the opportunity as Taoiseach to talk to some of those people face to face. I am unsure whether I will be invited back again. I made the point to the professor that I found the exercise very interesting and fruitful. This has grown over 20 years from a small gathering in the beginning until it exploded into something of a world forum. Following the Global Irish Economic Forum last October there is a suggestion that Ireland should host a Davos-type conference for those involved in creativity in the theatre, acting and so on in 2014. This could have implications for the good of the country as well. That is where it was . I did not have the chance to sit in at the general discussions, except for the panel discussion and the discussion in respect of the world economic situation, which I was happy to participate in and outline our view at as a member of the eurozone.

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