Charlie McCreevy (Kildare North, Fianna Fail)

I am happy to have the opportunity to debate the 2003 abridged Estimates volume in the Upper House.

Ireland may be an island geographically but it is certainly not an economic island. We live in a small open economy and cannot avoid the effects of the slow-down in worldwide economic growth. The pace of international economic activity is disappointing with continuing uncertainty about the timing of any upturn. The fiscal position in the euro area, the United Kingdom and the United States has deteriorated. The same factors are at work in Ireland. As economic and revenue growth moderates, we must face reality.