Michael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

Certainly, there are common themes running through the report and the report of European Commission staff. The IMF's report was released today. These issues are not on the agenda, but many of them run through all of these documents.

Let me take the Minister to the issue of the public finances and the excessive deficit procedure which is dealt with in the country specific recommendations. With the budget coming up in October, both the European Commission and today the IMF are taking a hard line on the fiscal adjustment, stating it should not be less than €2 billion. Is there any change in the Government's position? Is it still its position that it will achieve a deficit not greater than 3% and that it will reach the required level of adjustment to achieve this?