Dr. Kieran McQuinn:

As a side issue that is relevant, I have done some work with a colleague in UCD, Karl Whelan, over a number of years where we have looked at the impact of demographic changes. We all think of demographic changes in a European and Irish context in terms of issues like pensions and future issues like that, but we have demonstrated that the ageing nature of the European population in general is having an impact on the growth prospects of the European area right now. It is not something that will happen ten, 20, 30 or 40 years down the road. It is actually hitting us at this time and those challenges will only increase from a general economic growth perspective.