Feargal Quinn (Independent)

Some weeks ago I said we should have more good news in this House. The good news I have from yesterday comes from EUROSTAT and is published in The Wall Street Journal. It details how Ireland's purchasing power standard was the second highest in Europe last year. It experienced quite a drop and is at 131% of the average spending power in Europe, down from 148% two years ago. For what we earn, we can buy 31% more than the average in Europe, which is good news that we should recognise. In spite of problems and challenges, we have got some good news and we should ensure to draw attention to it on occasion.

Another interesting piece of good news comes from the other side of the world. New Zealand is now considering the reinstatement of the Senate. It was abolished in 1950 but a report on its reinstatement has been published. It states:

One of New Zealand's constitutional problems is that it is too easy to pass laws quickly and without proper scrutiny. The senate would provide a publicly visible role for senators to review legislation and those deciding to block or support certain laws would be politically compelled to explain their decision to the public.

It is time we drew attention to this as some are questioning the need for the Seanad. New Zealand abolished its Senate in the past and is one of the few countries which had the Westminster form of Government to do so. It is now reconsidering the issue.

Senator Regan made a point on the commission of investigation. If we are to have such an investigation into the banking crisis, we should ensure we learn from it rather than look back and cast blame. We must understand what went wrong to ensure we do not face such problems again.