Oireachtas Joint and Select Committees

Tuesday, 20 June 2017

Committee on Budgetary Oversight

Irish Fiscal Advisory Council: Discussion

4:00 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein) | Oireachtas source

That is the point I want to deal with. Mr. Coffey said that the expected impact of a hard Brexit may have been underestimated by the COSMO-simulations which inform the Department's views on the medium-term impact on the Irish economy. These were the simulations that considered higher debt, more unemployment or less employment, whatever way we want to view it, and less growth. If it was quite stark in terms of the figures - €20 billion, 3% and so on - what calculations has the fiscal council identified and how far out does it consider the simulations have underestimated the impact of a hard Brexit?

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