I must say I disagree with the Minister. We are, as you told us, the young Europeans. Europe is out there waiting to be grabbed up by the young Irish, who are going to rule Europe. Let us get in there and get in there quickly.
I would like to make a couple of points. Obviously, Senator Mooney would like the controls to be limited around the time of the opening of the Ballyconnell Canal so that they would not create any local problems. The Minister said in his speech:
The Community Directive also included a safeguard clause that would allow member states to reintroduce controls on certain capital movements...
That is fair enough and I thoroughly support that. I thoroughly support the safety net. I have always been in favour of that. We have a unique opportunity now. We can now experience what it is going to be like out there in the real world and we can do it a year earlier. We can learn from our experience from 31 December 1991 right through 1992 what our needs are going to be and if there is going to be need for such legislation. This will provide for us a unique learning experience.
If the Minister wants to know why I feel this way I would ask him to listen closely while I read from his Second Stage speech. I am trying to believe this. I have to take the Minister's word that he believes this. He said:
There is also, of course, a very positive side. An international perception of a control-free environment and the closer integration of the European market will enhance our attractiveness as an investment location. Provided our policies are right, we can look forward to increased capital inflows, with obvious beneficial consequences for the economy. The increase in holdings of overseas assets by Irish residents will also generate income from these assets in the years ahead. Furthermore, our business and financial communities will be able to compete more effectively in international markets, as they secure to all the risk management techniques——
That will take place in 1992. I accept that point. The Minister continued:
I cannot stress strongly enough that the most vital ingredient in our success in all of this will be the continued prudent management of the economy and of the public finances.
The Minister is getting that right, with the co-operation of the social partners. Everything is in place, but the Minister is saying to us that we will not have these benefits for two more years. What is he doing to us? If it is going to be that good out there, let us get in there quickly. Why is the Minister denying us all this wonder world that is there in front of us? If it is going to be so good for the economy, let us do it.
I do not understand what the delay is about. The Minister's speech continues:
It is essential that investors, both foreign and domestic, have good reason to be confident in our performance in this regard.
We have the lowest inflation rate in Europe. Now is the time to do it. The Minister said so himself. We have got control over the economy. We are an attractive investment. There is a world out there. This is our Utopia. Let us get in first before anybody else. There seems to me to be no reason to delay if things are going to be so good and if our economy is now under control for the first time in years. The Minister went on to say:
In a situation of easier movement of capital, we would be punished very severely for any lapses.
That is why we had better get it right. We have now an opportunity to have a year's practice so that we can make sure we get it right when everybody else joins the fray in 1992. He said:
We must, therefore, recognise that this new situation will impose new disciplines on our management of the public finances. If we meet this challenge effectively, the potential benefits in the longer term will be very great indeed.
That is what the Minister said to us. It is on that basis that I say to the Minister: if it is going to be that good and if everything is there in front of us to do, let us go for it, let us take the ball and run. It is there for us, a very short term indeed, so I would like the Minister to tell us why we need to delay all those benefits he listed out for us one after the other in his speech.