It is inevitable and appropriate that all sides pay tribute to Pope Benedict XVI following his courageous decision and wish him well in his retirement.

It is interesting and somewhat salutary that Senator Mullins was the only speaker to highlight seismic changes in the economic and fiscal programme being pursued by the Government. The Senator will be aware that the Fianna Fáil Party in both Houses applauded the initiative taken last week on the promissory note. Anyone with common sense must applaud any reduction in the overall national debt. However, in everything I have read on the issue only one or two people have pointed out that while the deal is perfectly acceptable and welcome, the Government's fiscal policies are having a detrimental effect on confidence and people's pockets. I advise the Government to tread cautiously in respect of any hype surrounding the events of the past week and not to take its eye off the main focus of its policies, which must be to reduce and, if possible, eliminate austerity measures. In the next 12 months, upwards of €1,000 will be taken from people's pockets as a result of water charges, the property tax and goodness knows what other budgetary policies the Government decides to pursue from October onwards. Notwithstanding everything that took place last week, the Government must still address the deficit. I support Senator Mullins's request to have the Taoiseach or Tánaiste come before the House to give people a little hope for the near future rather than 38 years down the road.

The three remaining Senators have one minute speaking time each.