Seán Barrett (Dún Laoghaire, Fine Gael) | Oireachtas source

In terms of expenditure, I am bothered that we always discuss percentages of GDP, targets, etc., without dealing in depth with the types of expenditure that are more acceptable than others. We are losing out by not considering productive expenditure and the types of expenditure in which the country engages.

I appreciate that there is only so much that the witnesses can say but, in terms of Europe and meeting targets, it seems to be a bland system, in that one cannot exceed X% of GDP, for example, without loosening the constraints on certain types of expenditure. Given the state of the economy in 2011, being back to where we are now is a miracle. A factor that brought about a transformation in business was the reduction in the rate of VAT in the tourism sector to 9%. Perhaps I am wrong to ask the witnesses about this, but is there a role for the Central Bank to examine and comment on certain issues in a way that gives a steer to the Government and Europe?

We always seem to focus on percentages, with no in-depth consideration of the effect. I would welcome a comment on that issue.

Another area is that of pensions, something in respect of which people of my vintage would have more of an interest than others. People's health has improved considerably. Some pension funds are in dire trouble and we are still operating on the basis that people can retire at 62 or 65 despite the fact the qualifying age for the old age pension is being pushed out to 67. Perhaps the witnesses would comment on what could be done to protect the concept of pension funds in order that they do not end up in serious difficulty.

My final question relates to an issue on which there has been little discussion during this session, namely, the effect of Brexit on Northern Ireland and the Republic. Brexit could have serious consequences, both negative and positive. Are the witnesses aware of any work being done on what we should be looking to do and preparing for in the context of the negotiation of arrangements between the British and Northern Ireland, the Republic and Europe? It is not too long ago that thousands of people from the Republic were crossing the Border every week to do their shopping in Northern Ireland. I remember that well. There are stark problems facing us with regard to the Border in that it will be under the control of the UK, which will be outside the European Union. Is any work being done to evaluate the likely impact on us in this regard?