Richard Bruton (Dublin North Central, Fine Gael)

We certainly will. The programme for Government, as the Deputy knows, contains a commitment to develop a State infrastructural bank and the concept of NewERA, by investing in key State-owned infrastructure. We recognise there is an onus on the State to take the initiative in areas in which it can make a significant contribution.

We must be honest about the fact that at a time when we are spending 40% more than we are raising in revenue, the emphasis must be on structural reform and micro-reform as opposed to big spending programmes of the traditional sort. We will have to box clever with the money we have available rather than have big spending programmes. I admit other economies that do not have debt levels at 100% can engage in the latter with some effect. We must focus on the instruments available to us. Much of the assessment of our economy recognises that structural reforms can have the greatest impact on long-term employment sustainability. The focus of the Government's strategy is correct.

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