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

There is an excessive deficit procedure and a country specific recommendation every 12 months. There is a 12 month cycle and one would want to show progress. However, sometimes the specific excessive deficit procedure has to match the budgetary cycle of individual countries. If the budget is in accordance with the calendar year, there is not much point in taking corrective action the following October. Obviously, there are time constraints in making budget corrections.