Vol. 451 No. 6
71 Mr. Andrews asked the Minister for Finance the steps, if any, he proposes to take to ensure that Ireland's trading position, both within the European Union and in relation to other countries, is maintained in view of the effective devaluation of the Punt against the Deutschemark and the Japanese Yen. [5883/95]
I am not entirely clear what the Deputy has in mind. Given that the Irish pound has fallen against the Deutschemark and some other ERM currencies and against the Yen, Ireland's trading position has improved from the point of view of exporting to the relevant countries and also in terms of competing with imports from them.
On a general note, the key to ensuring the growth of Ireland's traded sector is to maintain and improve competitiveness. As the Deputy will be aware, this in return requires low inflation, wage moderation and sound management of the public finances. The present economic climate is characterised by these factors, as well as by high growth, increasing investment and a strong balance of payments surplus. My recent budget contained measures in the area of income tax and employee and employer PRSI which will help to further improve the climate for trade.
