Seanad debates

Tuesday, 11 May 2010

3:00 pm

Photo of Mark DeareyMark Dearey (Green Party)

A wide-ranging debate is commencing on the decisions taken by EU Finance Ministers at the weekend. This matter must be addressed by the House at an early stage, but I do not necessarily believe we should discuss it today.

I agree with Senator Quinn on the issue of competitiveness. All of the innovation reports and stand-alone initiatives in the world will not do any good unless the cost of doing business is brought back into sync with general costs in the jurisdictions our near neighbours and direct competitors. However, Ireland is becoming more competitive again. We no longer have a currency, per se, to devalue and need to find value within the economy. That is beginning to happen. I live in the Border region and I am aware, for example, that retail prices have fallen by approximately 8%. This is due, in part, to some of the measures one of the large supermarket interests has taken in its supply chain. However, there are also other factors involved. Prices in the North have gradually been creeping upwards, particularly in towns such as Newry where there has been over-trading. That competitiveness is beginning to return is evident from both footfall and retail figures in the town in which I reside. I must be careful, however, not to overstate the position in this regard. We must continue to restore competitiveness. Our work in this regard must proceed until the country is once again in a fit state to compete.

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