Mr. John Moran:

I mentioned what I viewed as being important, that being, to ensure we build a system – I mean the Department and the broader system – that is able to analyse risks, as they will change. Had the Deputy asked me this question last October or November while we were going through the risk analysis ahead of our departure from the troika programme, the main systemic risk that we would have identified related to events in north Africa. We did not envisage the threat to Europe coming from farther east. The risks will change. Therefore, we need to be robust and agile.

One of the most important issues is our ability to create growth in the economy. It goes to everything that drives results. It goes to creating jobs and creating and maintaining a situation in which the debt is sustainable. Unfortunately, in an open economy like ours, this will significantly be a function of what is happening in our main trading partners. We can help by diversifying. The third main activity in the medium-term economic strategy is growing in new markets, but that will not happen overnight. Potential growth levels in Europe, the UK and the US will dictate much of where we go.