Paschal Mooney (Fianna Fail)

Like my colleagues, I welcome the Minister of State. This is a very important opportunity for us to reflect on where we stand economically and where we are going. I applaud Senator McDowell on the prudent approach he took. One could paraphrase his closing remarks by saying the good ship Ireland is moving through rather choppy waters and will require a good captain at its helm to ensure we overcome what I hope are the short-term difficulties facing the economy.

I could not help reflecting on the past 18 months because there have been many public discussions and political charges levelled at the Government regarding how it managed the economy in its first term of office and how it proposed to do so entering its second term. As a result of these charges and the ensuing public controversy, I thought it would be useful to examine the various positions the Minister for Finance, Deputy McCreevy, took over the past 12 or 15 months and which he continues to take.

An editorial in The Irish Times on 16 November 2001, six months before the general election, stated the Minister was using words such as "prudence" and "caution" when he launched the Government's spending programme for 2002. At the time it was becoming apparent that there was a slow-down in economic growth. Additionally, there was a real fear that the country's finances would be skewed to such an extent that the big spending Ministries, such as those pertaining to education and health, and the national development plan would be put in serious peril.