Sean Barrett (Independent) | Oireachtas source

His remarks were important. Ireland is not the only country in this situation. According to a book published out of the University of Cambridge last year by the retired director general of the IMF, Dr. Vito Tanzi, most countries in the world are facing debt to GDP ratios of approximately 120%, regrettably. They spent beyond their taxable capacity. They borrowed in a way that destroyed capital markets and caused property booms. It would be extremely good if Professor John McHale and his inestimable colleagues were able to write about whatever they wish to write about. It struck me as the Minister of State was talking that many of the things which got us into this trouble were commented on over many years by the Committee of Public Accounts and the Comptroller and Auditor General, who is an officer under the Constitution. As we make decisions on how to put our finances right, we should draw on a great deal of the material that is available and give full powers to the learned people concerned. I think the Minister of State has said he agrees with that. This is a multifaceted problem. Many things went wrong. It is up to all the people working in the Houses of the Oireachtas to make a contribution to seeing how fiscal responsibility can be restored and retained in this country. This will be a problem in a number of other countries as well. I will not press the amendment. I thank the Minister of State for his reply.