Alex White (Labour)

I believe that is what he said in a reasonably friendly manner. We were not engaging in debate with each other but he was dismissing it as constituting Keynesianism. If we look at any of the countries addressing these questions, including the United States and many other comparable countries, and even at the European Union's approach and conclusions in the autumn of last year, it is clear that there is a division in politics in the world, and in this country, between those who want to shrink the economy and those who want to stimulate it. I do not believe that is too simplistic a characterisation.

The Government has said its number one priority is the public finances and, of course, they have to be brought to order. However, the number one priority is jobs. Jobs will not simply fall out of the sky without the Government intervening seriously in the economy, but that does not seem to be what it proposes to do.

My party has said we need a national plan and strategy. We have said it can be based on three Cs, namely, confidence among consumers, credibility among investors and competitiveness on world markets. In regard to credibility, I repeat something advocated by Senator Dan Boyle in a debate yesterday in regard to the banks. There is a manifest need for these Houses to set up a committee to look at the banks, finance and how the banking system has reached near collapse in this country. I would support him in the proposal he made yesterday. It is clearly something that is needed to restore credibility among investors. The flaws, and worse, in the banking system have undermined enormously the manner in which Ireland is viewed internationally. We must take steps to restore credibility. Members in these Houses, since we are not being involved in much else by the Government in respect of the economy, economic planning and so forth, to have a serious role to play in that regard.