Brian Cowen (Laois-Offaly, Fianna Fail)

The European Commission gave a very balanced view of where the Irish economy is going and the downside risks mentioned in my budget were replicated in its assessment. Regarding the building industry, it is clear we are adjusting to a more sustainable rate of growth having sought to meet an economic demand that exceeded supply. In the adjustment process, we have been able to put in place plans for a significant capital investment programme, which will assist our competitiveness greatly, and to ensure a competitive workforce through capital programmes and investments envisaged for science, technology, innovation, reskilling and upskilling. If we manage our position in the coming years, we can come out the other side with renewed growth in the economy. For these reasons, the European Commission's assessment is not one with which I am in fundamental disagreement.

In terms of trying to maintain an overall fiscally responsible budgetary policy, our commitment to implement the capital investment programme will require of us a budgetary balance.

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