Paschal Donohoe (Fine Gael)

Professor Kevin O'Rourke of Trinity College, Dublin has just produced a paper comparing the current global recession to the Great Depression of the 1930s. The conclusion he draws is stark, namely, that globally we are tracking even worse than during the Great Depression. Professor O'Rourke makes two points, essentially that the collapse of world trade in the past year has been greater than that experienced in the first two years of the Great Depression and that the decline in stock markets in recent years is greater than anything experienced in the Great Depression.

I make this point to emphasise what I said yesterday on the Order of Business. With a global outlook such as this, our small open economy is facing a number of decisions that are simply vast in the effect they will have on the people we serve. In the context of the debate we had on the emergency budget and the budget that preceded it, this country is facing at least two to three budgets of equal severity in the coming years.

I want to re-emphasise the call I made, namely, that in the September review of the salaries paid to senior figures in the public service, the Government would take this as an opportunity to reduce dramatically the salaries paid to Ministers to give Government and all politicians the credibility to lead the country through the huge difficulties we are in.