Mr. Valdis Dombrovskis:

I will comment first on a procedural point. When discussing economic, financial and fiscal issues with a parliament, typically I like to have an open exchange of views. You referred, Chairman, to some written remarks and not to the speech that I delivered. In a sense I have not read out that statement. This point was made clear to colleagues at the beginning of this meeting. That is exactly the problem but let us clarify this point. I stand by the statement, by the way - that is not a problem. There was strong insistence from colleagues that they wanted a written statement from me. However, I am saying that I prefer not to deliver a written statement in meetings such as this. I prefer to have more open discussions. It would probably be better to refer to what I was actually saying in the meeting and to check against delivery. It is not that I am willing to deny anything that I have written. It is simply a procedural point.

I will come back on the substance of some of the points raised. You referred to the broad-based recovery, Chairman. You may agree or you may not agree, but the assessment of the Commission is that the Irish economy has made a remarkable turnaround. We see it in the fast economic growth and decreasing unemployment. We see it in the rapid development in many sectors of the economy. We are not saying that everything is solved.

Let us consider the EU economic policy priorities - they are equally valid in Ireland. We are saying now that we have economic recovery. At the same time, we must work to make growth inclusive, address income inequality and restart the process of convergence both within and among EU member states. That is our focus. Our economic policy priorities indicate that is exactly what we need to focus on now.

The next set of country-specific recommendations is in development. I am talking more generally rather than prejudging specifically the country-specific recommendations for Ireland. They will help to focus on the reduction of income equality and on the implementation of the European Pillar of Social Rights, recently agreed by member states. They will help to put more emphasis on addressing the special social problems that you have raised, Chairman.

You referred to the banking sector, Chairman. We see once again that the level of non-performing loans in Irish banking sector has reduced rather substantially. Actually, it has been one of the fastest reductions. Of course we are aware that this entire issue is sensitive and we need to tackle it with strong consumer safeguards. It is a matter for national supervisors and national consumer protection institutions to prevent aggressive loan-collection strategies, something also emphasised during this meeting.

You raised the question of the European Central Bank and comments by Mario Draghi, Chairman. I cannot comment, because we must respect the independence of the ECB. The European Commission does not comment on the decisions of the European Central Bank - it is an independent institution that responds for itself.