Martin Mansergh (Fianna Fail)

To be fair to the Fine Gael Party, it is participating in this debate. If the Labour Party stands for anything, it is employment. Unemployment held this country back for decades, but so far the Labour Party does not seem to have any interest in the subject of this debate.

The growth of 93,000 jobs is clearly a major achievement. My economic perspectives go back to 1987 rather than 1997. The year 1987 was, like the 1957-58 period, a major turning point in the country's economic fortunes. Back in the mid-1980s total employment was just under 1,080,000, while currently it is approaching 2 million. On the Order of Business, there was a reference to the achievement of a Government in doubling the national debt at that time. I look forward to the day when we will be able to say we have doubled employment over the preceding 20 years — I accept we will not have done so on our own.

It is important that we be accurate in our description of our economic history. There was a major turnaround in confidence in 1987. Ray Mac Sharry's name has been mentioned, and that of Alan Dukes has also properly been mentioned. The then Taoiseach, Charles Haughey, should also be remembered given that he led the recovery.

Reference was made by Senator Paddy Burke to devaluation being delayed. Our holding out for some time, as opposed to the approach in Britain, was the key to confidence afterwards. There was a very rapid decline in the high interest rates the Senator mentioned. One should remember there was a European currency crisis in which every country was affected. It was after this period that the Celtic tiger took off.

I am glad to welcome Senator Ryan, who has just entered the Chamber. Given his presence, I withdraw my preceding remarks.