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

I want to ask about the overall tenor of Dr. Donovan's statement today on how the IMF's analysis failed Ireland. It has also been quoted by other members. Dr. Donovan went on to refer in detail to absences from the analysis, particularly with regard to commercial property and what he referred to as CAB, the cyclically adjusted balance, which has a different connotation from what we would normally be used to. What purpose does the analysis actually serve if, on the one hand, as Dr. Donovan said on page two, it is not binding and, also, is not referenced to the member states afterwards? Pretty damning evidence has been given by Dr. Donovan today as to its effectiveness. What is the point of the analysis taking place at all if it has been that ineffective?