Martin Mansergh (Tipperary South, Fianna Fail)

The Labour Party is very articulate, but there is no clue what their future macroeconomic policy is. The Fine Gael Party, to its credit, has put forward alternatives, but I think the NewEra policy has to go back to the drawing board, because the projected increased net indebtedness in an attempt to provide a stimulus and jobs runs directly counter to the absolute need to reduce sovereign indebtedness. Ireland is in no position to swim against the tide.

With regard to the past, the claim is that the then Minister and Government should have known better, better than the Central Bank and the Financial Regulator, better than the IMF, the EU, The Economist and the Financial Times and better than the broad consensus among most economists in this country, that there would be a soft landing for demographic and other reasons. EU President Van Rompuy told the Financial Times yesterday: "The euro became a strong currency with very small interest rate spreads. It was like some kind of sleeping pill, some kind of drug, we weren't aware of the underlying problems." We are talking about a far wider failure than just Ireland. Indeed, I bought a book at an airport recently by Thomas Wieczorek entirely about Germany called - and I translate - The Plundered Republic: How banks, speculators and politicians drove us to ruin. Does it sound familiar?

While Fine Gael was critical of benchmarking, and Labour of property incentives, mainly for equity reasons, both parties in aggregate sought more spending and lower taxes. Deputy Quinn spoke today about how Fianna Fáil bankrupted the State, but a few years ago his mantra was that we were the second richest country in the EU. As finance spokesperson in the Seanad pre-2007, I can testify that what Deputy Bertie Ahern said is true. The only reason the Seanad discussed the economy about once a month was that Fianna Fáil put down Private Members' motions. Opposition interest in promoting discussion of economic policy was nil.

The Taoiseach, as a Minister, made important contributions to funding disability, to restoring the integrity of policing reform in Northern Ireland and to more egalitarian fiscal policy. As Taoiseach, both he and his colleagues have been tough and determined. They have steered the ship of state safely through mountainous seas. It is not time to change the captain.

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