Conor Lenihan (Dublin South West, Fianna Fail)

I am not saying it is up to the Government to make such adjustments, although it has had to do so. Ordinary people have taken pay cuts, had to make adjustments to their lifestyles and managed to survive and come through. However, many have not and are now unemployed, but, thankfully, the level has peaked. We have turned the corner and now have an opportunity to look forward to a recovery from recession. Despite some of the more negative sounds coming from commentators and some on the left, we will come out of recession more quickly than many other countries in the European Union and the eurozone precisely because we front-loaded the difficult decisions we had to take. We took the pain early and are well positioned to make the most of recovery when it occurs. The belief is it has already happened. If one talks to Enterprise Ireland and many of the State agencies, they will report that recovery is well under way. We have seen a jump in consumer confidence. NCB's most recent manufacturing survey indicates three months of growth and expansion in the manufacturing sector. A most interesting fact is that it indicates not only expansion in the level of manufacturing activity but also an expansion in the level of employment generated in the manufacturing sector. That is highly unusual because normally in recessions economists will say manufacturing activity can recover but that there is a long gap between expansion of the level of activity and the creation of employment associated with that expansion. In Ireland it appears to be happening more quickly than it has traditionally occurred elsewhere. That is another sign of our robustness and ability to compete in international markets.

That is one of the big lessons we have learned. By seeking international and global markets in recent years, the economy has become much more competitive. Some 90% of what we produce is for export. Ireland's economy is the fourth most open in the world. This country is also considered to be the second most entrepreneurial in the European Union and the fourth in the OECD. It is highly competitive. What we gained in the good years we retain in terms of competitiveness, our ability to export and actual wealth.