Mr. Diarmaid Smyth:

Going back to the ivory tower comment, I wish we did not have a fiscal council. The reason it is in place is we have made mistakes in the past. There is a harmless chart in chapter 3 showing the level of primary spending in Ireland in the 1970s. There was a period during which spending increased too quickly. There were also periods during which taxes were cut too rapidly. The fact is, however, that we have a fiscal council. Most of us are fortunate in that we have been seconded and have other jobs, but we are here because we believe in the long-term value of having the council, that it can make a real difference and that we must try to avoid the budgetary mistakes made in the past. We are positive as much has been achieved in the past few years in terms of consolidation and the deficit is coming down. There are, therefore, grounds for optimism. I, again, thank the committee for giving me the opportunity to come before it.