Marc MacSharry (Fianna Fail)

Like other Senators, I would welcome a daily rolling debate on the economy. Such a debate would be important at this time. We are all anxious to hear the ultimate plan that will lead the world out of this recession and these difficult times. If one could identify such a plan and bottle it, one could sell it at a price that would be many times the national debt of Ireland and every other country in Europe. I was very impressed with the comments made on "Prime Time" recently by an Irishman, Mr. Dan O'Brien, who works for the Economist Intelligence Unit in Geneva. I ask the House to indulge me slightly as I repeat what he said when he made the best analogy I have yet heard to describe the current situation. He said that we are at point A, which is in an earthquake zone. We need to keep one eye on the sky in case slates fall and take our heads off. We need to keep our other eye on the floor to ensure our footing is correct and we do not fall over. We are trying to get to point B, but nobody in the world has been able to ascertain where that point is. Therefore, baby steps and a little bit of everything are needed. Everybody in the world is taking that approach. The Government, including the Minister for Finance, Deputy Brian Lenihan, is doing the same thing. I thank the Lord for that. Recapitalisation, in a small way, was necessary. The nationalisation of Anglo Irish Bank was necessary at that time. The bank guarantee scheme was necessary. Cutbacks have been necessary and more cutbacks will be essential. No economist, David McWilliams or anyone else, can predict what the absolute panacea for these difficulties will be. A level of agility is necessary. We need to be able to improvise quickly and move determinedly to solve these problems as they arise.