Dominic Hannigan (Labour)

The next two weeks will be a critical time for the future of our country. In London next week a meeting of the G20 nations will be held to discuss a stimulus package for the world economy. After that, the Government will introduce its mini-budget. All Members of the House wish both events well and hope for successful outcomes for both. In advance of both, however, it is important that we do not forget our commitments and responsibilities regarding the developing world. Yesterday, a development aid seminar was held, which was organised by Deputy Chris Andrews and attended by many Senators. It was clear from the contributions at the seminar that there is a desire to ensure we live up to our responsibilities. Ban Ki-moon, the Secretary General of the United Nations, spoke this morning about the need to live up to our responsibilities. I ask Government Senators to speak to the Ministers and ensure that they limit cuts in the overseas development budget. It is clear that we will emerge from this crisis and when we do, we must be able to look at the developing world and know that we did everything we could to make the people's lives easier.

Already this week, after months and months of bad news, there has been some positive news on the economic front. One example is the decision of the United States to auction toxic assets. That is welcome and we have seen the stimulus it has caused in the market as a result. We should consider something similar in this country. The decision by the European Commission to allow this country to go over the 3% limit on budget deficits for the next four years is also welcome, as are the comments quoted in this morning's newspapers that we might go past the 9.5% budget deficit forecast for this year. Mr. David Begg of ICTU said that if we do this, it might be the key to reaching a new partnership deal. It is important to note that Ireland still has a historically low level of debt. Senator Hanafin mentioned this yesterday. As he pointed out, 20 years ago Ireland's national debt was 130% of GNP. At the end of this year it will be only approximately 55%. Italy's debt level is at 100%, while the levels of France, Britain and the United States are also high.