Billy Kelleher (Cork North Central, Fianna Fail)

I wish to share time with Deputies Ardagh and Michael McGrath.

I welcome the opportunity to speak on this matter and that we extended the sitting days of the Dáil in order to discuss it. This should be acknowledged.

Listening to the speakers opposite, we would be in breach of the Stability and Growth Pact rules because of the amount of money spent in the past 20 minutes of contributions. We are trying to achieve stability, to protect what we have achieved to date and to have a fiscal policy that gives confidence to the people and investors from around the world who look on Ireland as a place in which to invest.

The commentators, particularly those outside the House, who are almost gloating that the word "recession" can be used again, are slightly irresponsible. We must accept that we in a changed economic climate, in Ireland and internationally. Reference was made to the open nature of the Irish economy. It trades internationally and has been successful in recent years but it cannot be immune to challenges. There is an international credit squeeze, the cost of fossil fuels has increased dramatically, there is volatility in financial markets and there has been an increase in commodity prices, food in particular——

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