Oireachtas Joint and Select Committees

Thursday, 2 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

-----excuse me, we were involved in the biggest investment in education, we had a fourth-level Ireland initiative, which was about improving third level, we had brought in research and development grants, we had brought in Science Foundation Ireland. We were investing Deputy, because the bottom line, let me explain this to you, this was my thinking, if you want to know what my economic philosophy was at the time, to understand what I'm saying. I'm saying this; that if you have a tight labour market and if you have growth of 5%, unemployment at 4.5%, you can decide to put on the brakes, this is after ten years of prolonged economic growth and good performance. You decide then what you're suggesting is, basically, put on the brakes, increase unemployment-----

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