Marc MacSharry (Fianna Fail)

With the benefit of hindsight, many experts emerge with views on why certain events occur and why certain economists predicted correctly and why others did not. It is agreed unanimously, and confirmed in the ECOFIN statement of last night, that Ireland should be praised for its determination in dealing with the issues as they arose and taking the appropriate action based on the facts at the time in question. Some of those facts were in fluid circumstances and have changed, but when circumstances change it is appropriate for people to change their minds.

As talks continue over the coming days, with the benefit of the expertise of individuals from the IMF, the European Central Bank, the Irish Regulator, the authorities in the Irish Central Bank and officials in the Department of Finance, it will be important to take whatever steps are necessary to shore up our banks to ensure we play our part in a shared sovereign position in terms of the single currency. We must ensure we focus on continuing to implement the budgetary plan for the next four years, which will be announced next week, and taking difficult decisions.

I said yesterday in the House that we have been consumed by our reaction to the media's reaction to what is an irrational international perception of the Irish position. Instead, we should be focusing on where the cuts should be made and on the question of whether public sector pay should be cut and whether the Croke Park agreement should be revisited. This is how our time would be best spent.

With regard to Ireland's potential to seek funding to assist with bank restructuring, it is appropriate to embrace, without any shame, any support offered. In a shared sovereign currency position in the eurozone, that is what is appropriate.

I have consistently stated in the House – senior party colleagues and Ministers may not agree with me - that if there is a flaw in the many positive aspects of being in the eurozone and Single Market, it is that when assessing interest rates, the European Central Bank focuses exclusively on inflation rather than economic issues. Ireland's economy constitutes less than 1% of the overall EU economy. Whatever inflation occurs here will not have any major effect on the economies of mainland Europe and the rest of the eurozone. When we needed to be cooling our economy some years ago on foot of over indulgence in the property market and elsewhere, we were borrowing at a rate of 2%, with a consequent growth rate of 8%. In the context of structural reforms and other reforms that must take place to ensure that Europe, not least Ireland, never faces these difficulties again, we must have clear guidelines on the maintenance of the 3% deficit as outlined in last week's report by the Joint Committee on Finance and the Public Service, and also clear guidance for countries with serious surpluses – Ireland was in this position - to ensure the punch-bowl is taken out of the room at the appropriate time.

There are many lessons to be learned. The message needs to be sent out loud and clear that Ireland has taken many of the necessary steps. It is a resilient nation and is not reactionary or over emotional. Irrespective of whether public service pay cuts or other cuts need to be made, this nation will take the necessary steps and adjust. It will react in whatever way it sees fit in a general election whenever it occurs - so be it - but in the meantime people are entitled to know that the Houses of the Oireachtas are confident in their ability to take the appropriate decisions and, without shame, happily welcome our EU partners and sovereign partners in the eurozone.

I heard a very grand contributor from The Observer stating on the lunchtime news that his country will probably have to bail out Ireland, on foot of which it will have to see about Ireland's corporation tax. In 1975, when Mr. Harold Wilson sought £2.3 billion from the International Monetary Fund, Ireland sought no such preconditions. We currently do not need help but, if we did, a message should be sent out that the position on corporation tax in Ireland is enshrined in EU treaties. This will remain the case and corporation tax will not be visited as part of any package of measures to assist this country.