Dr. Gabriel Fagan:

Basically, as a matter of mandate and as a matter of our responsibilities, the bank does not make views known or take views on details of fiscal policy. We certainly have views regarding the overall stance of fiscal policy and the path of deficits and debt but we do not get involved in detailed discussions regarding tax policy or compositions of expenditure. That is not the function of a central bank. Those are political decisions to be made by legislators and not the Central Bank. Essentially, we would not have a particular view that we articulate on this matter. It really is outside the domain of our responsibility.