Paul Bradford (Fine Gael)

I welcome the Minister of State on what is an interesting day in politics. This is the more civilised Chamber of the Oireachtas in which technical legislation such as this can be debated. The work of processing legislation must continue and the Bill is exactly the type of technical legislation the Minister of State likes to bring before us. He has set out the reasoning behind it. The collision of politics, economics and banking has resulted in a date being fixed for the general election.

There has been much ill-informed comment about the IMF which has been portrayed as a bogeyman, but when one reflects on the reasons behind its establishment, the work it has done throughout its history and the aid and support it provides for countries such as Ireland, one must recognise that it has worked. However, like every other agency, it is in need of ongoing reform. The Government and its successor will be keeping in close contact with it in the coming years and it is in our interests that the Bill is passed in order that the proposed reforms will be introduced.

I wish to set out some facts about the IMF to demonstrates the significance of its role on the global financial stage. Its membership comprises 187 countries with total quotas of $328 billion. As of last year, it had committed loans worth $200 billion and it is now engaged in the financial bailout of this country. Although political slogans will be commonplace during the general election campaign, we should see the IMF as part of the solution for us rather than a problem. It did not cause the country to be in distress and is playing its part in turning our economic fortunes around. In that regard, we must engage with it.

I note what the Minister of State said about interest rate changes. In the wider scale of things, these changes are not huge, but they are to be welcomed nonetheless.

The IMF is more than 60 years old. It began to expand in the late 1950s and, from an international perspective, its role in trying to support and redevelop Africa is laudable. However, that work is still in its early stages. While we have seen tremendous growth in the emerging economies of China, India and South-East Asia, this has yet to happen on the huge continent of Africa. I hope the updated and improved IMF will play a positive role in its development and redevelopment. It is in the interests of every citizen of the globe that there is strong economic growth worldwide. In so far as the IMF is beginning to make a difference through its policies on Africa, that must be welcomed.

I am far from being an expert on the IMF. Its current managing director, Mr. Dominique Strauss-Kahn, is being spoken about as a future candidate for the French Presidency and will probably make a decision in that regard in the near future. His reputation has been enhanced since he took up his position in the IMF. Most neutral commentators suggest he is carrying out his duties in a professional, dynamic and visionary manner. Notwithstanding the fact that the Opposition suggests the Government could have negotiated a better bailout package, Mr. Strauss-Kahn is playing his role in this country's recovery.

This has been a dramatic day for the body politic, but politics is all about change and renewal. The fixing of a date for the general election is unusual in this country but the norm elsewhere in Europe. It allows for a relatively long election campaign and the voters will have more than two or three stressful weeks to decide between party A or B. Clearly, I have my own opinions, but I hope we will have time to reflect on and debate the choices to be made. Rather than play a game of Punch and Judy or replay history, the next five or six weeks will give us time and space to conduct a civilised campaign that will allow us to prepare for the future. That is good for the electorate and the country, as well as for politicians. We need to have an election campaign which will move us beyond anger, despair and the blame game to engaging in mature political reflection and debate. Whether we will be winners or losers individually, we should use the coming six weeks to regenerate politics. I look forward to playing whatever small role I can in that regard.

On this day when the clock for the 11 March general election has commenced ticking and when finance and the regeneration of this country and its economy will be to the fore, we are debating this Bretton Woods Agreement (Amendment) Bill 2011. It shows that the jigsaw of the country's recovery is complex. Domestic, European and world economic decisions will all be part of our solution. Whether we like it or not, the IMF has a role to play and we must continue our engagement with it.

I hope this technical change will strengthen the IMF's capacity to intervene where necessary and to assist where required. I wish the Minister of State well in passing this legislation and all my colleagues well in the few difficult months ahead.