Feargal Quinn (Independent)

I support the call for a regular debate on the economy. Yesterday it was reported in Brussels that the Irish Government had asked EUROSTAT, the European statistical body, to relax its rules on describing government debt. I will explain this. We have seen a tripling of the public debt in recent years. The Government has reportedly asked EUROSTAT not to treat the NAMA debt of perhaps €54 billion as public or government debt. I can understand the reason it is doing this, if it can get away with it. That debt would no longer be government debt, which would give us a better chance of reaching the figures we are supposed to reach. However, it seems very much like a cover-up. If the story is correct, I would like an answer from the Minister as to whether this is what it is hoping to achieve. If so, is it not an attempt to mislead us and the European Union?

On another point of news from yesterday, the US state of Colorado, for the first time ever, has reduced its minimum wage. This was not a decision of the Colorado Government. The minimum wage is linked with inflation and thus will come down in a time of deflation. I mention this because I believe some jobs are not available at certain minimum wage rates. I refer, in particular, to the hospitality sector, in which some jobs are threatened. If we have had deflation, this is perhaps the time to consider whether these jobs could be re-established if we were to consider once again the system by which we establish the minimum wage.