Professor Patrick Honohan:

Yes, there could be. Look, it's clear enough to me that the Central Bank ... you may not realise this, but the Central Bank is set up as ... it is, since the Maastricht treaty and that, the Central Bank is part of the euro system and that ... its main function is to be part of the euro system and setting monetary policy for Europe. And then, in addition, if they don't interfere with that function, the Central Bank can be given other responsibilities like supervising insurance companies, like giving advice to the Government, or to the general public, economic analysis and advice. So this is a separate mandate and so, as Governor, I have the ... my first task is to set monetary policy in Europe, but I also have the separate mandate to advise and analyse the economy and provide advice and it's in that role, that second role, that I can completely be free to tell the Minister for Finance, "The ECB want you to do this, but I'm telling you that the best course of action for you is to do that which is different."