Editor's Brief

The consensus, though not always accurate, indicates that we are at a critical juncture in our nation's history

THERE IS a sense at present that we are flying blind, both internationally and at local level. Every day brings new revelations of economic woe and, more recently, financial scandal. Behind the drama of such reports, there's a steady trickle of job losses. It has understandably created a sense of despondency among many.

Recent protests by both public and private sector workers are expressions of fear and anger at the seeming lack of direction from the leaders of the State - as much as they are demonstrations about individual issues.

The consensus, though not always accurate, indicates that we are at a critical juncture in our nation's history.

Emergency financial measures now seem inevitable. With this should come a clear and frank explanation of the situation at hand. It's what is demanded of businesses at times of turmoil, and the same rules apply to the State.

We require a full and frank explanation of where we stand financially. Failing to keep the markets fully informed costs quoted companies dear, and the same rules apply for countries. In short, we need better management.

There also needs to be a complete overhaul of our regulatory system, alongside the whole-hearted pursuit of those who took advantage of lax enforcement and loopholes.

Our reputation in several fields of endeavour, particularly finance, is badly tarnished. We need a complete revamp of our rules on corporate governance - only this time we need to be sure it adds up to more than the empty promises made after the Enron scandal of 2001.

Finally, we need an honest appraisal of what we can offer the world as a nation. With the pillars of our Celtic Tiger economy turned to sand, one question becomes evident: what are we good at?

The very idea that we need to focus on rebuilding in the near future may seem like a pipe dream at present, but even in these times of struggle we need to focus our efforts initially on identifying our potential, and to concentrate our efforts on what we can do to improve our talents in order to survive initially and maybe - hopefully - prosper again.