President Prodi said recently he considered that in current economic circumstances there is room for flexibility with regard to the Stability and Growth Pact. We need flexibility in this area, if not this year then within the next two years. It is daft that we should be prevented from investing in the infrastructure of the country by virtue of the pact's 3% limit, which was designed for reasons that have nothing to do with our circumstances. We can make common cause with other countries that have low debt to GDP ratios, such as the United Kingdom, in seeking to secure flexibility for the system. It is now time to proceed on this basis. Over the next several months there will be an open door on the issue when there will be an overwhelming argument for flexibility. We should push on that door rather than repeating the nonsense that the pact is a sovereign commitment we made several years ago. It was a political agreement made for the purpose of establishing the single currency. It succeeded in that, but it is now time to press for the flexibility which countries such as Ireland need to enable them to make necessary investments, especially in the infrastructure and public services.