Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

The other dimension of the fiscal rules is management of the fiscal space in the way the Government is committed to. One should see a decline in the debt and the deficit begin to reduce, to converge on becoming a surplus as the Government is committed to balancing its books. The flexibility that one gains in the health of one's key metrics, like debt and deficit levels, is what then gives the government of the day the resources to respond to a change in economic circumstances. That is also the reason that we are committed to developing a rainy day fund. In recognition of the point made by the Deputy, the time one needs to increase investment in an economy, from a public point of view, is when private investment or consumption is falling. That is why we believe it is an important objective in the coming years to put in place a fund that has the ability to respond to that situation.