Professor John McHale:

No. We are not saying that. Even by budget time, these projections change, so for example, there is a projection for the size of the output gap as part of the projection for the structural balance that I spoke about in my opening statement and that could change. The concern of the IFAC is that we need this framework to protect us from making the kinds of mistakes that were made before, particularly in good times and to set out a plan based on the Government's best projections both on the macro side and the fiscal side is not consistent with that framework. We can set a framework that will make sure we do follow sustainable policies that do not create the kind of vulnerabilities that caused such problems before. It is not a strong prediction that once all the figures are in that the Government will have missed these targets and will be sanctioned. It really is whether we are going to take seriously the new budgetary framework as a means to ensure that we really pursue sustainable growth. I know the Deputy in previous times when IFAC came before the committee has emphasised the importance of sustainable growth. We really see this framework as a key contributor to making sure that we keep the Irish economy on an even keel and do not have a boom-bust cycle that caused such harm before.