Eric Byrne (Dublin South Central, Labour)
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The topic is economic and monetary union, but I will play it by ear.

I apologise for interjecting, but I asked Professor John McHale and Dr. Alan Ahearne last week whether economists lived in a different world from politicians. We do, but we are co-dependent. From an economic point of view, I can see the argument that we should have inflicted more pain more quickly, but I ask the delegates to look at it from a political point of view. We can overdose the patient to such a degree that there is a negative response such as social upheaval.

I am more relaxed after two and a half years in government. Neighbours were talking to each other and asking whether they should open bank accounts in England or Northern Ireland in the sterling area. Others were talking about getting out of the eurozone and investing in dollars. Others opted for silver and gold, but we have overcome that sense of insecurity. The price of gold means it is not as sound an investment as it was supposed to be.

In the banking sector, the delegates last week and this week touched on the investment in the Bank of Ireland by American investors. Others are buying property all over the country and expecting to make a killing. They are delighted to be investing here. There is, therefore, some hope we are moving in the right direction.

I thank the delegates for their presentation, which was illuminating. We smiled collectively at the notion of the State picking up the tab for the bank. As a nation, we are subject to criteria imposed by the troika. Then we look at Cyprus and ask whether it is experimenting with the currency and on the stability issue. It is applying different methodology to the banking crisis in different countries. We would have wished that our day had come later in order that there would have been a separation of the sovereign from the banks.

Unfortunately, last week the division bells rang and I could not hear his answer, but Dr. Alan Ahearne mentioned that it was the Government's position to get out of the programme in November or at the end of the year. Professor John McHale mentioned our indebtedness, at 123% of GDP, which was very high. Dr. Alan Ahearne said we should be careful as we might be jumping too soon. Will the delegates give us an opinion on whether it will be appropriate to move at the end of the year? Are we ready to move, given the GDP ratio of 123%?