Brian Cowen (Laois-Offaly, Fianna Fail)

Consumer demand is an important factor in growth rates and the potential to return growth to depressed economies. I take that point. In our country, with a relatively small domestic consumer market, export-led growth is of far greater importance than to larger countries with a domestic consumer market where domestic spending is a bigger factor in recovery. With 50% of our exports to the US and UK combined, we look to those economies recovering. Being a small open economy, what happens elsewhere has a determinant effect on how quickly we can establish growth and employment as a result. We know there is a lag between establishing economic growth and employment growth. Companies and businesses must be satisfied that the change in the economic cycle is such that they can take on more labour to produce more goods and services on the basis of recognised extra demand.

I hear what Deputy Higgins says in respect of the Finnish experience. Finland did a remarkable job in the aftermath of the fall of the Soviet Union when the country lost 40% of its market almost overnight. Through research and development and investment in important areas like education and a good business environment-----

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