Dr. Róisín O'Sullivan:

The Senator asked whether we had wasted this recession and what else we got out of it. One of the things that Professor McHale mentioned earlier is the new fiscal framework. With that, we should be able to avoid mistakes such as using windfall tax revenues to finance permanent expenditure increases. We now have a framework within which to identify those dangers and to provide additional analysis. Additional analysis of the housing market should help to avoid the problems materialising again.