Mick Wallace (Wexford, Independent) | Oireachtas source

I will have to be given extra time as a result of all the interruptions.

The election held in Italy at the weekend was a triumph for democracy. The outcome is an antidote, not just in respect of Italy's corrupt politics but to the dogma of austerity which has Europe's economies by the throat. Mario Monti was pushed into office by the banks a year ago to impose unlimited suffering on the Italian economy, so as to shore up the euro and thus protect German and other bank loans from devaluation. Super Mario was the darling of the banks. Like Greece and with no local currency to take the strain, the Italian economy had to be waterboarded. It shrank by at least 2.2% last year, with official unemployment at 10%. Prime Minister Monti promised to hold the Italian economy in its downward spiral, without growth and ever less able to repay its mounting debt. Future generations of Italians will be in perpetual bondage to German banks. It is not surprising that only 8.3% - fewer than one in ten - of Italians voted for Mr. Monti in last weekend's election.

Is Ireland going to continue down the road of austerity? Will the Government continue to threaten to sell some of the State's assets or will it consider investing again? Might we consider standing up to our masters in Europe? Despite all the talk to the contrary, there is no evidence that extra borrowing for growth would lead to a confidence crisis. The Government seems to have no intention of fulfilling its election promise to establish a new State-controlled strategic investment bank, a matter which I have raised on approximately six occasions in the House. Perhaps it is time this Administration began to tell the so-called pillar banks what to do. Our fear of owning AIB and our enthusiasm to get it back into private hands borders on madness, particularly as taxpayers have already paid out multiples of that institution's value. Despite best economic practice, the Government is considering selling the harvesting rights to Coillte's forests. That would be a poor economic decision and, more importantly, a poor social one. This Administration - the Minister for the Environment, Community and Local Government, Deputy Hogan in any event - wants to further erode any remaining semblance of local government. It continues to undermine the public service and is hitting the less well off. Do those opposite wish to be remembered as being members of the Government which championed outsourcing and decided that the best approach was "To hell with the State sector, let the private sector control everything"?

The financial crisis has been ongoing since 2008. The fiscal deficits incurred by most countries are largely due to the fall in tax revenues following the collapse of private financial institutions. This is a financially-induced recession and it was not caused by the public sector or high welfare spending. Attacking the poor and the public sector, undermining the welfare state and selling our State assets will not cure the underlying causes of this recession. Those on the other side of the House are behaving like disciples of neoliberalism. That is the wrong route to take. Do we want a society where - as is the case in Greece, Spain and Italy at present - 50% of young people are unemployed? Our rate of youth unemployment only stands at 38% because we export so many young people by the planeload each weekend. Do we want a society which takes best care of those who least need the Government's protection, while everyone else becomes poorer?

See this speech in context