Dr. Thomas Conefrey:

I have been put on the spot by being asked to quantify them in terms of importance. Given the importance to the Irish economy of exports, particularly to the UK and elsewhere outside the euro area, the exchange rate is probably more important than the price of oil and the level of interest rates. It has a very important bearing on how we project our forecasts for exports. The exchange rate is one of the important drivers of potential Irish exports. It is probably the most important of the three.