Martin Mansergh (Fianna Fail)

I move amendment No. 1:

To delete all words after "Seanad Éireann" and substitute the following:

"notes that Irish inflation in EU terms is now not far off 2 per cent per annum and supports the Government's prudent approach to fiscal policy as the best guarantee of continuing to meet such low inflation targets."

For reasons I will explain, I am surprised Senator O'Toole put his name to this motion. I welcome the Minister and his officials. The price of prosperity is of course eternal vigilance, like the price of freedom. There is no complacency whatever in the Government with regard to inflation. As has been already pointed out by Senator O'Toole, when it looked as if inflation was in danger of getting out of hand in 2000 and 2001, the Government and social partners moved firmly and effectively to keep it down. I pay tribute to them for this. In a smaller way that has happened in the past two years.

When I saw the first draft of this motion, I wondered if it was the Independent Senators' tribute to the late Milton Friedman.