Kieran O'Donnell (Limerick East, Fine Gael)

We must foster an entrepreneurial culture. When the Irish went abroad we were adaptable. We must focus on that area.

The most recent stability report from the European Council states that it is wary of the Minister's growth assumptions for 2011 to 2013. It is my understanding that the IMF will refer to the same. On average, the Minister is projecting a GNP growth rate of 2.9%. That is extremely optimistic. In the report for 10 March on the Irish stability programme, the European Council concluded that the budgetary targets are subject to downside risks throughout the programme period due to a lack of information on the envisaged measures to support the planned consolidation and the growth assumptions that underline the macroeconomic scenarios.

I raised the next matter in committee but I will raise it again. The Council established a deadline of 24 October for the Government to take effective action on measures to achieve the 2009 deficit target and the specification of the necessary measures to progress towards the correction of the excessive deficit. The ball is back in the Minister's court.

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