Brian Cowen (Laois-Offaly, Fianna Fail)

I will speak about the stimulus that is being provided. It is not a question of taking a sort of monetarist approach. It is a question of providing a stimulus through the public capital programme, the investment in which is one of the highest in the world. We are continuing to invest in the programme at a specific rate of our total GNP, even at a time when we are very stressed on the financial side, in terms of where our deficit is. That is a fair assessment of the contribution the Government is making to increasing economic activity. It is in addition to the fiscal adjustments we clearly and evidently have to continue with. By the way, those adjustments were agreed by the social partners when they analysed the situation. The need to reduce deficits to below 3% between now and 2013 is a fundamental fact of life that is agreed by all. The choices we can make within our limited room for manoeuvre are matters for debate. Sometimes our discussions involve deciding whether it is a relevant factor at all. That is the constraining factor. That issue provides us with a means of financial stability in terms of our examination of the banking situation. In return for the stability we enjoy within the euro currency area, we have undertaken certain obligations in line with the rules of the Stability and Growth Pact. That is where we are at. If we can have a discussion on that in the coming months, we will do this Parliament and the people proud. At least we will all be in the real world of where it is at. Those who continue to suggest there is an easier way of doing it are prepared to forget about the figures. We have to be honest with each other and face into that. I would like that debate. There is a great deal of collective wisdom in this House to contribute to that debate. In three years time, we will have an election. We will have the election whenever we have it. Deputies on the other side would like it to take place tomorrow. I think it will take place in three years time.

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