Peadar Tóibín (Meath West, Sinn Fein) | Oireachtas source

The major difficulty in this State is we promise European public services on US tax rates. This is where the fiscal irresponsibility lies. If European public services are promised on a European tax rate, it fits in and certain people are happy. This is the key issue. The cycle would be flattened.

In other words, one takes heat out when the economy is at its peak and one puts it back in when it is frozen. If these two aspects are adhered to, one is more likely to have an economy in which people can be confident that their house will be worth roughly the same in 20 years time, rather than having the massive shocks we have seen in recent years.