Paschal Donohoe (Fine Gael)

Senator Bradford hit the nail on the head with his request for a new tone of debate. I wish to pick up on his request and put two questions to the Leader. There is a growing fatalism in the discussion on the future of the country and its economic security. The most concrete example I have of this is the number of commentators who say or infer it would be an acceptable course of action for Ireland to access the same fund to which Greece has access because it has access to a lower interest rate on the financial markets than Ireland. The message should be given clearly by this House - by all Members, irrespective of their party - that this would not be an acceptable course of action and should not be countenanced by Ireland or any political party. Huge mistakes were made in wielding sovereignty in the past ten years. The solution to these terrible mistakes is not for us to hand over sovereignty to an outside body. Whatever needs to be done in terms of public expenditure changes and at the level of taxation to avert this must be done. If an Opposition party such as Fine Gael believes something is being done incorrectly, it has an obligation to spell out what it would do differently. We find ourselves in perilous waters and the inference that this is something the country is willing to consider must be completely rejected. In rejecting this possibility there is a need for a new honesty in discussing issues. Deficit reduction is the greater cost we face. However, at its heart there is not only a debt problem but a jobs and economic growth problem also. The only way economies have been successful in dealing with debt levels is not by cutting debt but by finding a way to secure growth. Any initiatives brought forward, whether by Government or Opposition parties, must be treated seriously in order that we can find the job capacity and confidence to enable us to grow out as opposed to accepting that cutting the debt on its own will be the answer.