Eric Byrne (Dublin South Central, Labour) | Oireachtas source

We could all collectively feel very proud for being in compliance with fiscal responsibility as outlined by Europe. I am delighted that the employment and social indicators are going to become increasingly important, and these will give us a clear view of the state of each country's economies. However, there is a bit of a mystery attached to the degree of discontent and disquiet that exists in the Republic, for example, at this very point in time. We have passed all the exams as laid out for us and we are praised for being in conformity with the fiscal treaty. Our deficit must be down to 3% of GDP next year, and we are going to achieve this. We comply with the Stability and Growth Pact. A statistic was given that indicated that the number of countries under the excessive deficit procedure had decreased from 24 in 2011 to 11 in 2014. Can Mr. O'Riordan give us a flavour of those? Are there 11 countries that are as yet not compliant ?
Notwithstanding the fact that we are compliant with the fiscal treaty and notwithstanding the fact we have a 5% growth rate this year and will have perhaps a 5% rate next year, which is completely disproportionate to growth levels as anticipated by Europe as a whole, the current economic climate in Ireland is marked with much discontent. I see in today's edition of The Irish Timesthat panic almost is setting in in Europe, in which figures for growth and inflation are being revised downwards. Serious questions are being asked. Given the fact that we are in this growth scenario, that we are in conformity with all the regulations and that we are being praised for all of these things, are we in a bubble and is it the case that something desperate is going to happen the economy some time after next year?