Jim Walsh (Fianna Fail)

Yesterday I called for a debate on the economy, especially in the aftermath of the publication of the IMF and OECD reports. I welcome the fact that the Minister for Finance has embraced the IMF report's contents. It clearly signals that there are still huge risks involved in tackling this undertaking. The report recognises that the route being taken is necessary and in all probability is the right path. We should endeavour, however, to have an open and constructive debate.

I know it is difficult for Opposition parties who see political gain in adopting a contrary approach, but I am mindful of the comments by the former Swedish minister for finance who had to deal with that country's banking failure in the 1990s. While that was done against the background of a much more benign global economic situation, he identified that political consensus in Sweden was a significant factor in successfully tackling their problems, even though it took them a considerable time to overcome those difficulties. The IMF has also said it will take us a considerable length of time, but it behoves everyone to try to put the national interest first. I know, however, that it is difficult for people who have been out of Government for 20 years.