Fergus O'Dowd (Louth, Fine Gael) | Oireachtas source

"Revisionism" is a word that trips lightly off the lips of my colleague across the Chamber. When the troika came here to bail out the economy, it was a gentlemen by the name of Deputy Adams who stated that it should go home with all of its money. No matter what economic funny book Deputy Martin Ferris might be reading over there, if that had happened we could only have funded the economy by creating our own currency - or perhaps they wanted us to rejoin the pound. The image that is in my mind when I think about that sort of economics is the instability in Germany and Italy in the period between the First and Second World Wars, when there was hyper-inflation and wheelbarrows of money were used to make simple purchases such as bread and milk. The reality is that there was no alternative but to obtain money from bodies outside the State that could fund the economy and pay for the services, such as health and education, that we wanted to provide.

In fact, we could not borrow in the international markets. The only reason the troika was here was that we could not fund day-to-day expenditure. Notwithstanding the criticism that people will make about it, the fact is that the troika did bail us out. However, there were stringent, serious and significant conditions that were signed up to by the previous Government and that we followed through. In all, there were 260 different items that were laid down in that deal and that have been carried out.

Everybody acknowledges that it has been difficult, particularly for the people of this country. Everybody has made sacrifices. Every individual in the country has suffered as a result of the bad economic management of this country by the previous Government.

The fact is we have gone through several difficult budgets but, while we are not yet out of the woods, our economy has improved significantly. The key measure is that we are creating 3,000 jobs per month. There is increasing international confidence in our economy and we are attracting foreign direct investment. Existing industries are also beginning to expand. We will not be always relying on FDI for job creation because our indigenous industries are also expanding. Compared to the 7,000 jobs lost every month when Fianna Fáil left Government, the current job creation rate of 3,000 per month gives us some idea of the transformation we have experienced in our economic position. At the height of the crisis, our ten year bond yield was 14% or 15% but bonds can now be purchased for 3.5%. That is an indication of the international recognition of the stability of our economic position. International investors are returning and I understand from speaking to people around the country that the property market has recovered to some extent and there is increased economic activity. I also understand there is increased interest in new developments in the greater Dublin area. That is part and parcel of our plan for the future which includes, in particular, meeting future demands in our economy, such as energy and water demands, and so on.

I agree that, notwithstanding the decrease in unemployment, young people continue to face serious challenges. Many thousands of our young people are in foreign places. That is clearly difficult for them and their families. They are known as the Skype generation because they speak to their parents and loved ones over the Internet. However, while many of those who have gone abroad had no choice in the matter, they are working and learning new skills in economies which offer them opportunities to work. It is our job to ensure the conditions are right for them to return, that their skills and knowledge can contribute to this economy and that they are happy to come back because we can offer them proper careers. In regard to the problem of long-term unemployment among young people, I welcome the Government's constructive and positive labour activation measures. The Youth Guarantee aims to offer young people opportunities to increase their knowledge and experience.

I am hopeful for our economy. There is a sense of hope in the people I meet around the country. Business people are confident that matters are improving. There is increased confidence in our economy generally and it is good for us that we are restoring our international reputation. People from many different countries say that Ireland is in recovery because of the sacrifices made by the people of this country. We are successfully exiting the bailout. That is not the be all and end all but it will restore the fundamental issue of economic independence. We are part of the euro rather than Sinn Féin's silver dollar club or whatever it belongs to. We have to abide by the rules and balance our budgets. It will be difficult and we will have to make tough decisions but we are well down that road and the people I meet who are involved in job creation are increasingly confident that we are getting there.

The days of living beyond our means under the previous Government will no longer be visited on us. While we have paid a heavy price under the deal our predecessor reached with the troika, we are restoring our economic position. The business pages and radio stations are reporting increased confidence and job growth. That is a direct result of our Government's actions. I have great confidence in the capacity of this Administration to deliver the jobs that are necessary for restoring our reputation and creating a country in which all our citizens can live and work.

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