Dominic Hannigan (Meath East, Labour) | Oireachtas source

On that point, Mr. Coffey will be aware that after the Second World War the United States reduced its debt-to-GDP ratio not by paying off debt but by increasing GDP. In 1991 Ireland had a debt to GDP ratio of 90%, and that went down to 35% a decade later, not because we were paying it off at a rapid rate but because we were growing at a rapid rate. I would be interested in Mr. Coffey's view as to whether we should rely on the current large growth rate of 3% to 4% per annum to reduce the debt-to-GDP ratio or we should be paying down the debt.