Oireachtas Joint and Select Committees

Wednesday, 1 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Photo of Marc MacSharryMarc MacSharry (Fianna Fail) | Oireachtas source

The Economic and Financial Council, under Article 99(4) of the treaty in 2001, recommended that - now I'm quoting from your own speech - that Ireland would "take countervailing budgetary measures [in] 2001 to avoid overheating." And I think you said in your statement that that was dismissed at the time. Was it dismissed by the management council or by the Government or by the Government having been advised as such by the management council or ... why was this dismissed?

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