Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Yes, I do. In the case of the excessive deficit procedure, to give a practical example, our commitment is to get under 3% by 2015. It is regarded across the eurozone that a deficit is in excess if it is over 3% of GDP. We are getting into the mainstream, therefore, once we get under 3%. If at any stage there was a drift above that - say, for example, as a consequence of budgetary procedures or internal or external events, we brought in a deficit of 3.5% in 2017 - then we must report that to the Commission and the latter will evaluate it and put it on the agenda at ECOFIN. The Commission would state that this country was in excess and would also make country-specific recommendations as to how we could rectify the situation. My intention would be to signal the situation in that regard in advance of ECOFIN meetings to the Chairman and the clerk so that members could discuss it at the sub-committee in advance of the meeting. As it stands, I have an agreement to meet the sub-committee four times per year.