Brian Cowen (Laois-Offaly, Fianna Fail)

What I am saying is that the indebtedness of this country will continue to be third lowest in the euro area even after next year. That is not to suggest that there is any great comfort in that. I am simply making the point that when revenues are reduced to such an extent, so dramatically and quickly, a correction and an adjustment must be made.

We have to make a correction and an adjustment. We have not only set out an €8 billion adjustment for this year which, as I have noted, is the most significant of any in the euro area in terms of percentage of GNP but next year will see a further adjustment of €4 billion. An adjustment of €4 billion will also have to be made in the following year. We have put those plans to the European Commission and they have been accepted. They have also been accepted by ECOFIN and other Finance Ministers, the Central Bank and independent domestic commentators as the best way forward.

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