Professor Alan Barrett:

To add an additional point which arises in the context of the question about risks, bond yields, etc., there is an important context here. If we were all sitting around and rationally discussing fiscal policy, what was optimal, etc., and it was all about the economics, maybe one could make a case. However, we all know that the background here is the local election results. The international community looking in will know that a lot of the discussion around the potential slippage from the targets is related to this domestic event and the forthcoming general election, even though it is whatever number of months away. Although we have not mentioned it, it is a reality. Even if one goes back to a year ago, we might have had discussions around the weakening of austerity, loosening our resolve and things like that. The context has now changed a little and it is important that we take-----