Terry Leyden (Fianna Fail)

That is a fair assessment of where we were. Our manifesto was dependent on continuation of economic growth. Nobody in the Opposition predicted a downturn in the economy. That is the backdrop to what I will say about the IMF and the forecasts.

We are fortunate that this country is in the eurozone. That is why, on 2 October, people who have read the IMF and OECD reports will say it is vital that we continue in the heart of Europe and work with the rest of the 26 countries in the EU, that we can work our way out of this crisis into a far better future because we are in the EU. If we were not in the EU, we would be in the same position as Iceland. Iceland is not in the EU but it will apply for EU membership. Its economy has totally collapsed. If we did not have the support of our colleagues in Europe, we would be in far greater difficulty than we are today.

There should be a far more united approach by all parties to tackling the economy. In the autumn, very hard decisions will be taken regarding the Colm McCarthy report that will be presented to the Government next week. People are very fearful about what will be considered in that report. I agree with calls from Deputy O'Rourke and others that, when the Government has considered this over a period of time, it should be published in full to allow the public to consider the options. Then there should be consensus between the major parties, Fine Gael and Fianna Fáil, and the Government parties, including the Green Party and former Progressive Democrats, to form a united approach on the future of this country. I would require much more time to go into this matter in detail.

I compliment the Government on its work. When I was Minister of State with responsibility for trade I travelled the world on behalf of this country in an attempt to intensify our trade. We must produce more and do so in a more competitive manner, thus expanding our product sales abroad.

I hope the Government will consult the parties opposite, Fine Gael and Labour, to achieve consensus on what cuts will be necessary during the next two years. If by some misfortune - a misfortune it will be - a general election is called and the Fine Gael and Labour parties get into Government, I can assure this House the IMF will be running this country because that Government will not be able to borrow-----