John McGuinness (Carlow-Kilkenny, Fianna Fail)

No one could have predicted the Americans would nationalise the banks and that a further €800 billion would be tossed into the USA economy, that China would do likewise in the past few weeks, or that the property sector there could be as effective as it is here. We are not immune from the impact of the global economy, because we have strived in recent years to be a part and parcel of the global economy and to take the benefits from it. We are now in a downturn, as is the global economy. The United States of America, Ireland and everyone else is dealing with this financial crisis. We could not but be affected by events. The measure of the Government and the economy is how we will emerge from the crisis. I disagree with the remarks of Deputy Rabbitte who promotes fear and talks of fear this and fear that. Recovery is about building confidence. This debate has not done much to build confidence in the small and medium enterprise sector, or to encourage job creation in that sector at home and we are aware of what is happening abroad.

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