Mr. Michael Tutty:

Wearing my other hat, I should point out that we, in the Institute for International and European Affairs, IIEA, are looking at this issue. The Irish Fiscal Advisory Council has not been looking at it. If there are proposals put on the table, I am sure we will look at them, particularly if there is a new fiscal compact as that would certainly come within our remit.

The European Commission has produced a number of reflection papers on the future of Europe, including one on economic and monetary union and another on European finances. As I indicated, the IIEA is looking at this issue and I am actively involved in that work. While the Irish Fiscal Advisory Council has not yet addressed the matter, I am sure we will do so if it moves on to something more concrete. It would certainly be in our interests to have more co-ordination on the fiscal side at European level than we have at the moment. It would add to stability in the European Union. As of yet, however, we have not addressed the issue, nor have we been asked to do so.