Enda Kenny (Mayo, Fine Gael)

It seems as if the Ross theory of economics means at the stroke of a pen a member of the single currency area, in this case the Irish Central Bank, should be able to create new money to pay off the debts of Anglo Irish Bank and make those debts disappear like magic. This type of airgead draíochta is not around. It is the formula which caused the monetary chaos and economic collapse of the post-Soviet Union rouble zone in the early 1990s. This year we must take €3 billion out of the Irish economy. Deputy Ross's formula is to deal with the deficit of €16 billion in one fell swoop. Does he seriously consider that something of this magnitude could be done without catastrophic consequences for the ordinary citizens of the country?

See this speech in context