FURTHER DIFFICULT decisions lie ahead Taoiseach Brian Cowen warned yesterday, but he expressed confidence that the economy had turned the corner.
Mr Cowen told the annual conference of the Chartered Accountants Ireland in Dublin there was a need to acknowledge that the outlook for the economy and the international outlook in particular, was not as secure as we might like.
“That is why we must keep a clear focus on those factors that are ours to control. We are heading in the right direction. And that is the direction in which we must continue,” he said.
Mr Cowen said the disclosures about the irresponsible behaviour of people in financial institutions, the failures of our regulatory system and the importance of exposure to international financial markets, had pointed to the need for significant change in policy and practice.
“And it is important that we should understand fully what went wrong and how it went wrong. This is not just so that individuals can be held to account, as they will be, but also to ensure that we can be confident that a recurrence can be avoided,” he said.
Mr Cowen emphasised that the actions taken by the Government had resulted in growing confidence at home and abroad.
“The decisions we have taken are difficult, even unpalatable in many cases. But I am convinced that they were necessary and are proving to be effective.”
He said the objective had been to apply the burdens of adjustment fairly and to encourage recovery and long-term prosperity, while dealing with the crisis swiftly and credibly.
“My responsibility is to lead this country along the difficult path to recovery. I also have a responsibility to listen to those with a different view, to consider the criticisms and assess the case made by my opponents.
He said decisive action taken by the Government since the crisis broke had restored stability during 2009. The latest indicators are consistent with expectations of a return to growth in 2010, he said.
“The exchequer returns published yesterday show that tax returns are on target for the period to end April, and they will strengthen as the economy returns to growth,” he said.
