Eugene Regan (Fine Gael)

I refer to the comments of Senator O'Malley about the EU adopting a budget. The reality is that the European Parliament adopted its version of the EU budget, a budget not agreed to by member states and which must be mediated with the Council of Ministers. It is inappropriate to call this into question or invoke anti-EU sentiment at a time when the EU provides the lifeline to this country and economy.

Senator O'Toole raised an important point about savings. We had a savings ratio of just over 2.5% in 2007 and we now have a savings ratio of 12%. Money is tied up by people who are afraid to spend. Putting money into a post office account or buying a national bond amounts to saving and it is not solving the problem, as one wants people to spend money to get consumption to rise as a key component of the economy. The only way this can be done is for certainty to be provided by the Government as to which direction we are moving in the economy. We have had a discussion about whether the sum required is €15 billion and if that amount in savings can be achieved in the public finances by 2014. We can talk about this until the cows come home. We are still talking about the location of the children's hospital, whether we should extend the Luas or build metro north and the Poolbeg incinerator. Delays cost money.