Pearse Doherty (Donegal South West, Sinn Fein) | Oireachtas source

Okay. Mr. Trichet, you make the point that ... you pointed the finger to try and point out some of these issues and it's clear that the record will show that you yourself, as President of the ECB, had been warning as far back as 2005 in relation to the real estate prices and also the lending into construction. I would ask for your views in relation to the actions that were taken at a national level, after you pointed the finger in that direction, but can I also ask you ... you gave in your opening speech, a critique of the policies that existed up until the boom and the Irish economy that existed in that period.

You mentioned unsustainable growth levels, half of fiscal revenues were from capital taxes linked to construction, public and private sector wages unrealistic, unit labour cost increased by 50%, loss of competitiveness, high inflation and so on. Can I ask you to respond to people who believe that you cheerleaded that type of scenario and what would be your response to that? Can I put to you in particular, when you came to Dublin on 10 May 2007 and held a press conference, and in response to a question about the Irish economy you said, "Very often I and my colleagues of the Governing Council are mentioning the Irish economy as a role model in many respects to the euro area in terms of growth, in terms of dynamism, in terms of job creation, in terms of long-standing reform strategy, with economic reforms that are paying off in many respects." How could that, in the mouth of the crisis, like, that comment stand given the critique, and very strong critique, that you had of the economy at that time? Thank you.