Ruairi Quinn (Dublin South East, Labour)

I fully support Deputy Hogan's comments. Our political and administrative systems are relatively new to the world of the regulator and we have understandably taken our steer from the island across the water, as we have done traditionally. We have also taken a steer from the framework directives and regulations proposed at European level.

Irrespective of who was responsible, I am not sure that we could have got the matter right the first time because it is uncharted territory, but I am satisfied that in an economy and population of this size and a fairly homogeneous political society, having separate offices for the regulation of energy, telecommunications and so on was not the right thing to do. I am saying this with the wisdom of hindsight, which is always right.

The Labour Party has prepared a policy paper that I hope will be included in our manifesto. It proposes a commission for regulation in which there would be a shared analysis of the economy's performance. The analysis would be an agreed diagnosis and, while one cannot gender balance the Latin language, a gender-balanced triumvirate would have the wisdom of three heads rather than one. In the case of utilities rather than commercial undertakings, there are only one, two or three players. If there is a personality clash between the regulator and the chief executive officers of the operations, there can be unforeseen and unnecessary side effects.

While I welcome the Bill and thank the Minister of State and his officials and colleagues for taking on board some of the spirit of the suggestions made on Committee Stage, which is the manner in which such legislation should be handled, we need wisdom and humility when examining how the system works. This is the area of our open and globalised economy that we control, namely, it is not subject to fluctuations in oil prices. If we do not get it right, no one will get it right for us.

Speaking as someone committed to the European project, Ministers and not just civil servants have been too eager to comply with standards set in Brussels without being satisfied that their eagerness is balanced by a critical analysis of what suits the State's terrain and the size of the economy and its players. We have been more dutiful than many member states.

The Bill is based on what we have learned and will continue to learn. The closed cross-subsidisation that was the national marketplace of many EU countries is no longer the case and the matter of regulation is fraught with complexity. Due to the high cost base of our economy, we do not need to overburden our performers when competing with many lower cost competitors.

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