Mr. Rob Wright:

No, I did not see anything on that specifically. I think Professor Honohan made an observation in his report in this regard. For a small, open economy like Ireland with a major trading partner like the UK, there was a particular context. The capacity for an independent monetary policy to truly rein Ireland in as much as possible was more limited than in the case of some other major countries. Ireland did not perhaps have that much to give up. On the other hand, in joining economic and monetary union, Ireland did lose capacity and I am sure the Department of Finance focused on that. As to whether people said to the Minister, "Here is how we need to enhance our co-ordination policy in light of this change", I did not see evidence of it. That is the issue we flagged as recommending very clearly that the Department be mandated to have that overall macroeconomic view.