John Moloney (Laois-Offaly, Fianna Fail)

I welcome the fact that the Taoiseach invited all political leaders to look at the books. I am glad of that initiative. Opposition Deputies may smile but I am not trying to be funny. The action was taken by way of inviting comment, as this debate has presented in the last two days. I have heard some very solid contributions from all sides of the House. The Taoiseach's invitation was not an attempt to spread blame, far from it. It was a recognition, for the first time in the House, that everyone has an important contribution to make.

It is also important that almost all the political leaders recognise the need for the reduction of the budget deficit to 3% of GDP by 2014. While it is important to build external confidence, it is also important to retain the confidence of our own people. I take the point made that Members on the Government side must recognise some of these very important points.

The comment is often made on the street that the Government should act quickly to imprison bankers. It is important that we deal with this point. Of course, it is important. It is also important that due process takes its course. If that happens people will find themselves behind bars, provided, of course, it is proven that they have acted illegally. If we in Government ask for cutbacks or reduced services we must not be accused of covering for people who dealt severe blows economically to this country. It is important to state that up front.

I take the points made by Deputies Jan O'Sullivan and Joe Behan. It is equally important that Members of the Dáil should make their fair contribution. Over the last while, the charge has been levelled that we dictate the policy but have not taken the pain. The forthcoming budget, the third in a line of severe budgets, has to do more than attempt to correct this. It must show that we are all in this together. The only way we can do that is by making sure that everyone makes his or her just contribution, and the level of each contribution must be decided justly.

I am not in the business of making excuses and I accept all that has been said about the downturn. It is also important to stress, although not by way of an escape clause, that it is not only this country that is suffering economically. We have seen what is happening in France. We see what is happening in the United Kingdom, where some of the severest cuts since the time of Mrs. Thatcher or even the 1930s, have been applied. Last night on television, I saw that Democratic election candidates in the United States do not want President Barack Obama to canvass with them. It is not just here; it is everywhere. I am not making an excuse but it is important for us to be solid in our support for economic policies and to try to retain our financial credibility.

I will not revisit the good times of the Celtic tiger. This morning, I heard Opposition speakers say that the people will decide on the Government's future and that they did not need to go into that. Neither do I feel it is important for me to list the huge gains of the Celtic tiger era. However, I repeat Deputy Ryan's points about our educated workforce and our huge investment in infrastructure. These must be part of our economic recovery.

Rather than rely on my own few words, I recognise what has been said by the EU Commission. We are often reminded of criticisms made by the EU about the Irish economy but it is fair to make this point. The EU Commission made it clear that the budgetary policy decisions taken by the Government in recent months are having the intended impact on the public finances and are restoring much needed confidence in the country. It is not a matter of trying to challenge each other for the sake of it but of bringing about a proper outcome. For the first time since I came into the Dáil in 1997, this debate has allowed contributions to be made in the proper context of trying to secure a sustainable future.

See this speech in context