Pat Breen (Clare, Fine Gael) | Oireachtas source

Deputy Finian McGrath should read the recent article in Fortune magazine in which are listed "4 reasons why Ireland's roar will return". The commentary provided in this article is extremely positive with regard to Ireland's future and its author pointed out that we are better positioned than most other European countries to recover from the crisis. The article also cites the fact that we have one of the most competitive labour markets in Europe. We have a young and educated workforce which, for example, is the main reason why Ireland attracts so much foreign direct investment. Hewlett-Packard chose Ireland because it needed highly skilled workers who also possess good language skills. This week, a number of announcements have been made in respect of the creation of jobs. Deputy Clare Daly indicated that the position with regard to jobs in this country has gone from bad to worse. I am of the opinion - the experts back me up on this - that the unemployment rate has stabilised. The news in recent days that Kerry Group and Paddy Power will be creating 900 and 600 jobs, respectively, is a testament to the work the Government is doing. The article in Fortune magazine to which I refer points out that, unlike Greece, Ireland's economy is overwhelmingly made up of exports. In that context, exports account for 80% of this country's GDP. This compares to a figure of 7.2% for Greece. The article also cites our competitive corporation tax rate as the main driver in respect of foreign direct investment.

I am firmly of the view that Ireland's roar will return. When it does, we must ensure that a more robust financial regulatory system capable of coping with future recessions will be in place across the eurozone. I support the provisions in the Bill and I welcome the placement of the Irish Fiscal Advisory Council on a statutory basis. Having a good fiscal advisory council which provides an independent assessment of the Government's budgetary plans can play a pivotal role in achieving disciplined fiscal performance. Tightening our fiscal rules and ensuring that eurozone countries maintain budgetary discipline is the next step in enhancing confidence in the eurozone. This Bill is extremely important. The strong vote by the Irish people in favour of the stability treaty was a clear signal that they want stability. Strengthening the fiscal stability framework within the eurozone is essential if we are to return to growth. The Bill is a key part of that framework.

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