Mr McGuinness was addressing an audience of business people, public officials and academics at the 13th Annual Economic Conference held in the Culloden Hotel.
He told delegates: “This time last year I do not think anyone here could have predicted the conditions of today’s global marketplace. We really are in unprecedented circumstances. They require all of us, whether in government or the public sector, in banking and finance or striving to grow and develop a business, to hold our nerve and to act responsibly.
“The images from Washington and Wall Street over the last few days have, of course, been deeply unsettling for markets around the world. It is clear that in the USA, and indeed across Europe, tax-payers are being asked to provide stabilisation for the financial markets. This is unprecedented, and we are all in uncharted territory. One thing is clear however, lessons need to be learned. From here on in, the practices that are creating this financial turmoil need to stop and responsible banking must be the watch word.
The Minister added however that it was important not to be overly pessimistic in relation to the economy.
“As a small open economy we cannot shelter ourselves for the global market place, and short term economic prospects are now less favourable than six months ago.
However it is important not to be over pessimistic as there are many positive factors such as the Investment Strategy which should support the construction sector and local economy through this period of slower growth.”
Mr McGuinness also reiterated the Executive’s determination to do all it can to address the economy’s short term problems
“I would like to reassure this audience that the Executive is actively addressing the credit crunch issue. A major concern is high energy prices. Measures are now being considered to help alleviate hardship this winter for households most in need”
The deputy First Minister also said: “Both the First Minister and I, along with our ministerial colleagues, are determined to provide leadership and do all that we can, to protect local people and business and also to try to sustain consumer and business confidence locally."
Notes to Editors
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