Oireachtas Joint and Select Committees
Thursday, 18 June 2015
Committee of Inquiry into the Banking Crisis
Nexus Phase
Mr. Derek Moran:
I mean, I spoke with ... we've been on a ... a journey in the Department, certainly in the last four or five years that, you know, kind of goes well beyond any one piece. But on the fiscal strategy piece, I think the, the ... and the real test Senator, is going to be from here forward. Since '08 we were tied into a set of fiscal targets agreed with the ... with Europe, in terms of getting the deficit, in other words we had to hit nominal deficits and so on, so it was very clear what we had to do. We went into the programme in, in 2010, that continued for three years. And at the moment, we're under what's called the preventative arm ... preventative arm, with the Stability and Growth Pact, where we have to, over the next three years, or out to 2018, get down to a balanced budget in cyclical terms. So, so we've had a map, a very clear map, over a prolonged period of time. In terms of the architecture after that, I think some of the most important things that we ... that are there are the changes in the rules but actually, the integration of those rules into what we do, and I know some people, some people weren't very complimentary of the spring economic statement, but it is an attempt to have a serious discussion about the budget that's coming in six months later. We'll have to see how the national economic dialogue in July works, in terms of actually having a, a proper dialogue around the issues. I've always been concerned ... just to be, is that ... budget day is sort of one of those once-off pieces of theatre, rather than the end to a serious dialogue around important policy, that's important to everybody.
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