Dan Boyle (Green Party)

All economies are cyclical. Although the nature of politics does not allow us to indulge too much in the theoretical and the philosophical, debates such as this allow us to talk about what we mean by economic wealth, what it consists of and how and when it is measured. The normal economic indicators are such that we measure economic growth in certain ways. We measure all economic activity, whether negative or positive, within certain timeframes. If we were to measure the economy since the turn of the year, it would not be seen in a particularly positive light. If we measured it in the last ten years, it would be seen as one of the best performing in the world, but if we conducted the same measurement to cover the time from the foundation of the State until the mid-1990s, say, it would certainly not be much to write home about. On these terms, we see in our own political history how the economy has ebbed and flowed and how the matter has been dealt with by successive Governments of different political affiliations.

The situation is far from ideal. It is serious and requires a particular approach. Whether it is the result of international or local indigenous factors is largely irrelevant. Any Government in office at such a time has a responsibility to do the right thing. While we have enjoyed a period of economic prosperity unparalleled in our history, it has now come to an end. Whether we have a sustainable economy for the future depends on whether we do things differently. The Opposition can talk about whether, as I argued myself as an Opposition spokesperson, we placed too much reliance on the construction sector during our last period of economic growth; whether we have a balanced economy, and the challenge that faces us in putting in place measures to ensure we have a balanced economy in the future and that it is sustainable and based on appropriate levels of education, investment and infrastructure, but I have no reason to believe the steps taken as of yesterday by the Government and the Minister for Finance and being taken on an ongoing basis are the correct ones.

We are facing into a world in which our neighbouring and competing economies are all experiencing the same problems. We are facing a post-oil economy. There are also indigenous factors such as our reliance on the construction industry. A crucial aspect which in better times was one of the biggest fillips for the economy is the degree of business and consumer confidence which, as of now, has dipped and is heading in the wrong direction. The business of the Government is to make sure such confidence levels can be restored because without such confidence the economy cannot recover.

There is also an onus on the Opposition to contribute to this process. It is not so much that it is engaged in its usual role in the normal business of democracy in pointing out the failings of the Government, but it must put itself in the role of an alternative Government at any given time. It must state what it would do differently and how it would do it. I realise Fine Gael has brought out a policy document in the last week, but it must go beyond this. The people have made decisions, particularly at the last general election, regardless of the situation, that if there was an alternative Government and if it were constituted differently, the same decisions would be made in the same way and we would find ourselves in exactly the same position. That is why there is a greater need to ensure the decisions made by the Minister for Finance and the Government are fundamentally correct. Otherwise we will be pointing ourselves in the wrong direction and frittering away much of what we have achieved as a nation in the last ten years.

On these grounds I commend the decisions made yesterday and invite everyone in the Chamber to contribute to that process in the most positive way possible.