Joe Higgins (Dublin West, Socialist Party) | Oireachtas source

Dr. Donovan did not state as much but it seems that the estimates for growth come from a bunch of economists chancing their arm. On one set of assumptions, there may be growth etc. but this may not be the case if demand weakens across Europe etc. and there could be entirely different projections. What the hell are we talking about in terms of a firm perspective for the next three years, and how can Professor McHale say that we will be out of austerity in 2015 when the scenario is so tentative?

The role of the Irish Fiscal Advisory Council is to assess the Department of Finance officials' projections and to consider the appropriateness of the fiscal stance. Can I put it to the witnesses that they never challenge the fiscal stance and they are part of the austerity choir, as if it is the only show in town? That is despite the fact that European Commission President Barroso, a right-wing neoliberal to his fingertips, is even raising questions verbally about the viability of ongoing austerity. Dr. Donovan's former colleague, Mr. Ashoka Mody, has lacerated the austerity policy but the fiscal council has made no challenge whatever. I put it that the council should be challenging the view rather than enforcing it. Austerity works for bankers and bondholders but not for working class people and the poor, who have been hammered by it.