Bernard Durkan (Kildare North, Fine Gael)

As does the Deputy.

I could not afford the mortgages that most of my constituents have been given. Given that their properties are in negative equity, I cannot understand how in the current climate we can deal with this issue unless there is a dramatic reduction in the value of residential property. The economy was based on a standard equivalent to the discovery of an unlimited supply of oil except the currency was cement and concrete. At that time, some Deputies criticised this and said no houses should be built on the land that has been zoned for housing. Everybody forgot that the houses could not be built unless the land had been zoned in the first place.

The IMF has been reasonably fair to us and it is up to us to make the programme work. If we cannot do so, then we must admit that we are not capable of being at the table. This is about our economic space and whether we can stand up and be counted in the global economy is a matter for ourselves. We can burn all the bondholders we want, we can refuse to pay all the taxes we want and we can encourage others not to pay the taxes that are being levied.

We compare that with all other economies throughout Europe and ask ourselves are we really serious in what we are about. The answer is this. If we continue the way we did in the last 15 years or so, we will go nowhere fast. The first thing we must do is recognise the full extent of our problems, deal with them as best we can and try to work our way out of them.

The Acting Chairman will remember people saying in recent months that we must get the same deal the Greeks got. Do we remember that? What did they get? It is a serious problem. The same applies to every other country, both inside and outside the European Union. If we do not stand up and accept our responsibilities, or if we run away, there are consequences.

There is another part of this in terms of running away. We are in a very hostile and volatile economic and speculative situation in terms of money markets worldwide. The modern technology that has been developed and is now available throughout the world is a huge asset to those who want to speculate. If there had been modern technology during the depression of the 1930s, people would have been able to act much more quickly, but it is now in place. In the time since the Acting Chairman took the Chair, billions have been moved by market speculators all over the world. It is a sobering thought, but it is happening all the time. The only hope we have is to be within a regime that carries some weight and clout. That includes the EMU and all that goes with it.

Another question has been speculated about for the past year or two, namely, "What should I invest my money in?" Obviously, speculators are asking the same thing and deciding accordingly. We have not fully thought this out. A scenario put forward by many is to go back to our own punt and be masters in our own house or find some means of getting on board the pound sterling. We are forgetting reality. The fact is the world has changed in terms of monetary order, regulation and speculation. A rapid speed has taken over. The one point we must recognise is that whatever breakdown takes place, although we sincerely hope it does not, we must hope the euro prevails. The euro is the single biggest currency block we have known in our time. It is still a strong currency. For those who speculate otherwise, it is merely an attempt to undermine it. However, if it is undermined by those who want to do that, the consequences for all, including those who undermine it, will be great. That will be felt in due course. We do not live in a bubble. As John Donne put it, we are not an island anymore. We are part and parcel of the global economy. When we are in that arena, we have to soldier up, put our shoulder to the wheel, take our responsibilities seriously, act responsibly and be seen to do so. All that together will create at least some indication that we intend to go about our business in a proper fashion.

I raised an issue some years ago in the House when it became evident that the Bretton Woods agreement would be called into focus once again. The issue concerns the degree of speculation and hoarding and the flight of capital from one jurisdiction to another. The British and German governments a few years ago attempted to gain access to deposit accounts and account numbers in another country outside the EU but sufficiently close to it to have common arrangements. I know they achieved a certain degree of success. The reason they went after those accounts is that they were worried about the level of hiding of capital that had flown from some jurisdictions to others, which, of course, cannot be allowed as it would have serious negative consequences for all. This amendment means that among our Government and across the EU there is a recognition that times have changed and the degree of commitment and liability by various member states throughout the EU, and the degree to which they can impact on the IMF, has changed dramatically. Ours is a case in point.

The potential for invisible savings to accrue to a member state, as is the case here, is immeasurable. It is of huge importance and an issue on which we want to compliment the Government and the Minister. I wish them well in their future endeavours in this regard.

There was a slogan some years ago which went "They never said it would be easy" - the Acting Chairman should recognise it coming from his constituency. For those who pretend it is likely to become easy in the next three or four years, not only are they codding themselves but they are trying to cod the rest of us as well. I have no doubt but that prudent management and careful economic planning, as already embarked upon by the Government, will result ultimately in the benefits to this country and its people that will be in line with projections. That is something to which we should all aspire.

See this speech in context