John Gerard Hanafin (Fianna Fail)

I ask the Leader for a number of debates on finance and the economy. It is interesting to hear comments that are made in the light of immediate circumstances, without realising their impact. If the competitiveness of the euro declines, the ECB has many options open to it, including reducing rates. We can be certain that the ECB will decrease rates as competitiveness changes. Similarly yesterday the debate raged about recapitalisation of the banks. I was at the finance committee meeting yesterday and officials from the two major banks, which hold 70% of the market here, made it quite clear that they did not need recapitalisation. When they were told that they might need recapitalisation, they made it quite clear that they would only take it on certain terms.

The debate should focus on the reality, which is that we are in severe difficulty, but practical undertakings are being made. I commend SIPTU and Jack O'Connor. In Dublin Airport, workers recently decided to take a 10% pay cut to keep their jobs. That is a very practical and positive application at a time when something like this was needed. We need to see more of this and we need to see measures such as workers co-operatives taking over when jobs are being sent abroad. These jobs could be easily kept here.

I fully support the idea that we can look after the economy ourselves and make a better job of it. The answer does not involve providing for short-term solutions when we have to hand more appropriate solutions, including further ECB rate cuts. The answer is to ask people to realise the situation and to move forward together in the new paradigm.