Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

As a politician I have a problem with people telling me that I should tie the hands of the next Government. The next Government is reaching out to 2020. We gave very specific indicators of the budget for 2016 but we said that, beyond that, we had identified the fiscal space. The projections are on a no policy change basis so the policy changes will be a matter for the Minister for Finance on the day he brings in the budget. If he has a four or five year mandate, he can indicate for the full period but it is anti-democratic for a Minister, when an election is due within 12 months, to prescribe the details of budgets for the next five years. I am, however, outlining the fiscal space in accordance with the fiscal rules.

The fiscal council also said we will correct excessive deficits this year and that is a very positive statement. I do not have a lot of quarrel with the fiscal council's overall analysis and I share its overall analysis. I think the council is very important and I admire its work, which is difficult. It is independent but so am I, apart from being accountable to Deputies in the Parliament.