John Paul Phelan (Carlow-Kilkenny, Fine Gael) | Oireachtas source

Much of your statement referred to the Stability and Growth Pact. In 2003 France and Germany were the first two countries to break the 3% deficit limit that was part of the pact. As you said, Ireland never breached that 3% limit, at least during the Celtic Tiger years. Is it fair to say, as some commentators have, that the terms of the pact were not fit for purpose - or, to rephrase that, do you think they were fit for purpose or not, in light of the fact that the first breach was by France and Germany and no corrective action was subsequently taken?