Ivor Callely (Fianna Fail)

The sad reality is that the world is going through an exceptionally difficult period and that the economic and financial global outlook is extremely challenging. In anybody's language, Ireland is vulnerable to the global fallout. Our public finances are spiralling out of control, with an estimated shortfall in 2009 of €18 billion, which equates to a daily borrowing requirement of €50 million. This is simply not sustainable.

Nobody believes we can ignore this level of shortfall or that we are cushioned from the global difficulties, as though the economic and financial difficulties gripping the world around us were of no concern to us and had no implications for this State. Most people recognise the seriousness of the current difficulties and take a responsible view of the situation. There is an appreciation and acceptance by all that an exceptional effort must be put forward at this time.

The expenditure measures announced by the Taoiseach on Tuesday have provided everyone with an opportunity to take stock of the seriousness of the challenges we face. The Taoiseach, Tánaiste, Minister for Finance and colleagues have discharged their duties diligently, honestly and openly. They have consulted widely and taken on board the best advice available. I understand there has been careful assessment of the extent of our problems and of the exceptional efforts required to improve the situation. This is not a party political issue but rather a national issue, one that warrants unity of purpose, firmness of resolve and belief in our ability to overcome.

The measures to ensure savings in public expenditure of €2 billion in 2009 present a framework to allow us to turn the tide of the present difficulties. We can seek to put our economy back on a sound footing once the public finances are under control. This is not a pleasant or popular package for any Government to implement. However, this Fianna Fáil-led Administration is determined with every beat of its heart to put in place this framework to resolve the acute difficulties confronting the State.

I make a plea today to all members of society, including politicians, economists, trade unionists, journalists, civil and public servants, entrepreneurs, employers, employees, pensioners, young people and the elderly, for a universal commitment to drive ourselves out of the current difficulties. We all have a stake in each other's commitment and success because the more each individual succeeds, the more Ireland succeeds. Let us not underestimate our challenges or overstate our difficulties. Most importantly, however, we should be positive about our future and the opportunities that present.

There are those who will say, and some who are already saying, that we cannot succeed. There are those selling us short as a nation by claiming we have limited resources. There are those with a defeatist attitude, writing us off as a people and a nation, and claiming we are not capable of recovery. I categorically reject all these suggestions. I warn those putting forward these accusations that the public is sick and tired of their claims. Several names are on the tip of my tongue but it is best not to mention them.

I am asking people to have hope and confidence in our future. It is no exaggeration to assert that we are now at a point in our history where we have never been able to see more clearly what we can achieve. Ireland has undergone a transformation. We are a small, open and pulsating economy, now energised by some of the most sophisticated industries and services in the world. Our recent economic performance, especially during the period 1995 to 2005, consistently reflected our success. We earned great dividends in that period in terms of employment and greater prosperity. Ireland's performance in attracting foreign direct investment has been a great success. We have the entrepreneurial capacity to drive projects and an established reputation for our ability to succeed.

We are a friendly nation and the international community's view is that we are a positive and successful people. Ireland was a leading light on the international stage for several years in a row. We were the leading OECD country in terms of growth and development. We performed above the European Union average, attracted and won more foreign direct investment compared with other leading global destinations and enjoyed industry and services in every region. We enjoyed the correct policies and capital investment programmes for success.

Every Member who has been abroad in recent years has had the experience of being congratulated and questioned on our then economic success. The essentials have not changed. The ingredients for success remain. The Irish "can do" attitude has characterised our success before and is all the more necessary now. I regret that my time has run out as I wished to say more.