Noel Dempsey (Meath West, Fianna Fail)

I am pleased to open this debate on behalf of the Minister for Finance, Deputy Brian Lenihan. The Minister will speak tomorrow in this debate.

There is no doubt that we are facing the most challenging global and domestic economic circumstances in generations. Our position as a small open economy, which has facilitated our recent prosperity, has also left us vulnerable to the rapid deterioration in the international environment. This Government took early and decisive action in respect of the deteriorating financial situation and we have sought to retain the flexibility required to nimbly respond to the rate of change being experienced.

Our plan has remained constant right from the start — to attack the gap in public finances; to sort out the banks; to create and save jobs; to protect and support the unemployed; and to restore Ireland's international reputation by strengthening our domestic governance arrangements.

This Government has already taken important action to address the emerging difficult economic and budgetary situation by bringing forward the budget, implementing taxation and spending changes and introducing a pension contribution for public servants. The decisions, which the Government will take as part of the supplementary budget on 7 April, will be designed to stabilise the public finances and improve confidence in Ireland both at home and abroad and thereby secure the future economic viability of this country. Today's debate allows the Oireachtas the opportunity to debate and discuss the kind of measures necessary to position Ireland for the next phase of its economic development.

Much of what has been achieved over the past 20 years has been based on key factors, which still remain. Challenging decisions lie ahead and the immediate task——

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