Mr. Carlos Martínez Mongay:

The fact that interest rates are low today does not mean that they will be low in the future.

Interest rates will probably be higher in future and the current burden of debt will increase. If debt is already high, increasing it may increase the country's vulnerability. To address this, a government uses the idea of a rainy day fund. It uses extraordinary revenues to reduce debt levels and vulnerability to, for example, volatility in international markets. The situation is far from stable for some countries. For Ireland, the impacts of risk premia in recent months have been almost zero. Other countries, however, have been vulnerable and others can become so. What is a stable situation can become unstable in, for example, two years.

I wish to refer to an important issue. We must consider the revenue side. We have to ensure an adequate composition of expenditure and a tax base that is broad enough to be stable. The narrower our tax base, the more unstable our revenues. Our debts and interest rates increase and our revenue base decreases. That is not new to this or other countries.