Dr. Tom McDonnell:

One of the misunderstandings about fiscal space is that it is actually not €500 million or €350 million. The fiscal space is actually the size of one's economy, how much tax one is willing to impose and what one wants to spend. It is actually the entirety. We often think about small increments, but it must be borne in mind that €350 million is 0.5% of public spending.