Arthur Spring (Kerry North-West Limerick, Labour) | Oireachtas source

I ask members to ensure their mobile phones are switched off. This is important as they cause serious problems for broadcasting, editorial and sound staff.

We will have two sessions today. In the second which will begin at 5 p.m. we will focus on scrutiny of the draft scheme of the public sector standards Bill. In our first session we will consider the issue of quantitative easing. I welcome Dr. Stephen Kinsella, senior lecturer in the Department of Economics at the University of Limerick; Mr. Dan O'Brien, chief economist at the Institute of International and European Affairs; and Dr. Constantin Gurdgiev, adjunct lecturer on finance at Trinity College, Dublin.

The European Central Bank and central banks in the eurozone have pledged to buy €60 billion worth of bonds every month between March 2015 and September 2016, totalling €101 trillion, to support growth and, in turn, employment across the eurozone. This initiative is known to us all as quantitative easing, one of the main purposes of which is to combat deflation and promote price stability. We look forward to hearing the distinctive perspectives of our guests of the effects of this initiative to date and its implications into the future. I know that what is happening in Greece is on everyone's mind. I propose, therefore, that we devote some time towards the end of the exchange of views with our guests to this topic. Rather than allow the entire engagement revolve around the situation in Greece, we can look at the issue of quantitative easing and then deal separately with the situation in Greece at the end of the session. I will indicate when we will deal with it.

The discussion will begin with opening remarks made by each of our guests in the order in which I introduced them. Questions may then be put to them by members. I invite Dr. Kinsella to make his opening remarks.