Ivor Callely (Fianna Fail)

It is with interest that I listened to the calls for a debate on the economy. There is much focus on what is happening in the markets, but it is important that the House is satisfied that the Government is monitoring the situation closely. While we can exert no influence over external developments in the markets, we should be satisfied that we can ensure that our economy absorbs shocks which emerge from the international marketplace. We must also ensure that our financial institutions continue to fuel the necessary investments required to keep our economy ticking over. This is an issue I raised with the Leader on the Order of Business some time ago.

The current global financial crisis is the most severe since the end of the Second World War. There are few safe havens in times of such financial crisis and market uncertainty. It is very important that we as legislators show confidence in our economy and that we are satisfied that we have proven economic policies that are well thought out. We must be satisfied that the basis of our economy remains strong and that tax revenue and public finances are solid. Our medium term growth prospects remain very favourable and we have achieved one of the lowest levels of debt in the EU. While one may criticise where we are today, sometimes because it affects one's constituency, we should still look at the bigger picture.

I noted with interest the concern expressed over the human rights violation in Tibet. I note also Senator Mullen's comments on the changing global environment. I hope he and other Senators are in favour of taking all available opportunities to engage in constructive dialogue, exchange views and highlight areas in which progress can be made on human rights. I wholeheartedly support any Minister raising with the Chinese authorities concerns about Tibet.

Will the Leader ask the Minister for Justice, Equality and Law Reform to indicate at an early stage what amendments will be made to the Immigration, Residence and Protection Bill on Committee Stage? While it welcomed the legislation, the Irish Human Rights Commission also raised concerns regarding many of its provisions, as have many other eminent authorities.

Previous speakers did not refer to the fact that today marks the fifth anniversary of the start of the war in Iraq. I do not propose to discuss the issue in detail other than to state, and I believe the House will support me in this regard, that the war has been a disaster. Iraq is in a sad position especially in terms of the entrenched conflict between Sunni and Shia Muslims. It is likely the war will continue to produce large numbers of body bags at immense cost. Five years down the road, I am very concerned.