Mr. Gene Clayton:

There is a possibility of the Government using EU funds and take it out of the fiscal space. A clause in the Stability and Growth Pact states that EU investments can be used so it can be taken out of the fiscal space for investment purposes. This is done by making recommendations through the European Semester so that it is taken account of in the country-specific recommendations on an ongoing basis. Perhaps work can be done on that aspect. For example, the European Investment Bank's element of the Housing Finance Agency. Some presentations could be made through the European Semester to try to have that removed from the Stability and Growth Pact.