Shane Ross (Independent)

I want to say a few words on what was said by Senators Fitzgerald and Alex White. I do not know whether there should be a national Government — it is a difficult call to make and is a matter for political parties — but we should recognise that the Irish economy is at the eleventh hour. We now face very serious circumstances. This was stated in some media so it is fair enough to talk about it publicly. People are delicate about what they say publicly about the state of the fragile economy because they do not want to rock the boat. That is a responsible position for all members of the Opposition.

Nobody should be in any doubt that billions of euro left this country for overseas destinations last week. Presumably billions of euro are still leaving as panic is beginning to occur in the money and currency markets. That is an indication of the kind of precipice we are now going over. There seems to be a lack of recognition of this on the Government side of this House because it does not want to face the true facts. The facts are really very serious. I do not say this lightly but believe there is an increasing number of warnings. If anybody goes overseas, he will hear the view of the Irish economy and note it is very different from the one conveyed by Members of this House, the Government and everybody else in Ireland. We are living in a fool's paradise and are very close to a disaster nationally.

Senator Alex White is correct that it is simply crazy that we can somehow wait for a commission on taxation to report before we take necessary measures. Anybody who listened to Peter Sutherland today on the "News at One" will have heard his warning that there may not be money out there. It is all very well for us to say the International Monetary Fund will assist us, but there are two problems in that regard. First, the International Monetary Fund may intervene when it is too late. A perceptive article in the Financial Times today indicated the IMF may not have any money by the time we look for it. We are constantly looking for someone from overseas to rescue us who may not be there to do so.

Neither should we bank on Europe. Germany is not necessarily going to help out the Irish nation either, as it is looking to help out Austria and the east. We cannot sit back and say it will be okay, that Europe will help us, the IMF will help us, or somebody else will help us and it will be okay by Christmas because we will have a commission on taxation. The urgency of the situation is realised by every nation and every investor outside Ireland, but it is not recognised here.

I support the proposal by my colleagues, Senator Norris, Senator O'Toole and others, that it is essential that we should have at least a weekly debate in this House on the economy or some recognition of the emergency situation if we are somehow to inject into the Irish people the urgency of the need to take action immediately not tomorrow.