Mr. Eddie Casey:

On the fiscal rules, it was mentioned that other member states seem to be able to relax how the rules are applied. It is not that, but rather that other member states did not have to enforce large cuts to capital spending in the first place so that they were not put in the difficult position of having to chose between current or capital expenditure or revenue increases. We see Ireland as returning to EU norms by the end of the 2021 period.

Another thing to look at in terms of the rules is that it is not that they produce a contra-cyclical versus pro-cyclical policy, but rather that eventually one gets to a point at which it is acyclical and growing just in line with sustainable revenue growth and sustainable economic growth, which is an ideal position to be in once there is a balanced budget.