Mr. John McCarthy:

To repeat, the Commission stated there was a risk of a significant deviation. It did not state there had been one. Based on our figures, we believe we are fine, even leaving aside the one-offs. There are other one-offs such as the EU budget contribution and so forth. We have a perennial discussion with the Commission about discretionary tax measures, essentially the non-indexation of tax bands and credits. Once we achieve the MTO next year, we will have done what is required. Even if there is a deviation, it underlines the importance of getting there. On the basis of the Commission's numbers, we will achieve a structural deficit of minus 0.3% next year. Our own calculations indicate that it will be minus 0.5%. Therefore, there is significant headroom built into our numbers. In this context, it is important that we achieve the MTO next year.

To go into the actual legal text and so forth, if a member state is found to have deviated from the adjustment path towards the MTO, there are a number of legal steps that will take place. It will be required to produce a corrective action plan, for instance. That was launched for the first time last month - May - for Romania. Essentially, it involves taking additional measures to ensure it will get back on the adjustment path. If, however, we are at the MTO, we will not need to be on an adjustment path. That underlines the importance of getting there.