Ireland has long been referred to as the Island of Saints and Scholars, harking back to the time of St Patrick, when monasteries and schools of the new faith were founded throughout the country. Latterly, critics have argued that we have come a long way from this 'Golden Age': these days, saints and scholars seem to be in pretty short supply. Or are they?

I took over as president of the National College of Ireland in February 2007. In my short time at the helm of this remarkable institution, I've seen enough to refute this. I am inspired on a daily basis by individuals I come into contact with, some of whom might baulk at the term but who could be classified as the modern-day equivalent of the saints and scholars of yore. The spirit of selflessness, the concept of 'giving back' and the love of knowledge are all very much alive and well in the Ireland of today.

There is a very fitting expression in Irish about the importance of community support: is ar scáth a chéile a mhaireann na daoine – we exist in each other's shelter. Throughout our history, we have had a tradition of community activism and civic participation, and of working together to effect social change. There is a lot of talk about the black economy; this is the white economy. It is most often unpaid, sometimes unsung, but always potent.

The relocation of National College of Ireland from Ranelagh to its new home in the IFSC under my predecessor Professor Joyce O'Connor is a great example of what can be achieved when people work together towards a common goal. This is a remarkable location, an area that is both steeped in history and brimming with promise for the future. These are difficult times, but consider what has been achieved since we first built the IFSC in the 1980s. Recalling that era of 20% unemployment, when a fifth of our labour force was forced to emigrate and the rest endured double-digit interest rates, reminds us that we still have much to be grateful for. Recessions are a moment in time. Right now is the waiting period before the next boom!

Education played a central role in allowing us to harvest our collective brainpower and move Ireland forward. And I truly believe that the same commitment to education, to community and to knowledge will allow us to navigate our way through the current white water. In the 1920s, WB Yeats urged the senate to have 'national faith': "as much wealth can come from the intellect of Ireland as will come from the soil and that the one will repay cultivation as much as the other".

By continuing to cultivate our national intellect, we safeguard our future. In the short term we are faced with two key challenges: to concentrate on our own personal development, on learning and acquiring new skills and knowledge, and also on using our existing skills to make a contribution to a wider society. We can.

Next time you check the calendar, the recession will nearly be over. Think of today as the 'pre-boom' period, time that you are using to get ready for the next phase. Use this time wisely and enjoy the learning journey.

Paul Mooney is president of National College of Ireland. See www.ncirl.ie