Mr. Andrew McDowell:

We input into the policy debate at European level on the operation of these clauses. When it comes to Ireland, we are happy to finance more investment by Ireland, whether through a traditional Exchequer capital programme or alternative off-balance-sheet mechanisms, and an expansion of both is probably appropriate in the Irish case. Ultimately it is a matter for the national authorities, with the European Commission, to work out how those investments are consistent with the fiscal rules. We do not mediate between the European Commission and the national authorities on the interpretation of the fiscal rules. Certainly when it comes to European level debate on the future of European economic governance, we will make our views known on where we think perhaps the rules can be tweaked to promote and provide governments with more incentives to use whatever fiscal space they have to invest more for the future. Ultimately, high quality investments are good for fiscal and economic sustainability, and this is certainly the philosophy we will bring to the debate.