Martin Mansergh (Fianna Fail)

The benefit is overwhelming. At 5% of GNP, our current level of investment is making a real impact countrywide. There is more to be done and while I cannot detail the different projects now, I look forward to the ten-year transport infrastructure programme. Our employment rate is approaching 2 million, compared to approximately 1,080,000 in the mid-1980s. I hope that by 2007 we will be able to say that we have doubled employment. The Minister will remember there was a Government back in those days that doubled the national debt. It would be nice to be able to say we doubled employment.

Our Leader referred to education. There is a wide gap in our education infrastructure in the south east. We need a university in Waterford. Some of the arguments against it, which may come from competitors in other regions, do not hold water. The south east now has the second lowest income in the country.

Reference was made to North-South economic co-operation. The Minister for Finance is in the North today. That is very important. Yesterday Mr. Peter Hain announced a significant development, which would be unwelcome to the business community — a 19% rise in rates. The clear message behind this is that the different parties must get their acts together and put together a devolved government, that they should not expect the British taxpayer to subsidise political difference and stand off but will support parties that are working together. It is a clear warning shot and has not come before time.

One criterion of the Lisbon Agenda is that we should act in a way that supports economic and monetary union and the euro. We have done that in a model fashion. We are a small country and one could argue that by ourselves we could not create any great strain. In fact we have not created any strain but eased it. Senator Quinn is right to say there is considerable difference in performance between the countries of Europe. I do not want to sound overly complacent — we have many problems and challenges that we must confront — but nobody can deny we have been making substantial, rapid progress. If other countries made the same progress at the same rate maybe Europe would be closer to achieving the overarching Lisbon Agenda objectives.