Oireachtas Joint and Select Committees

Thursday, 28 June 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Sale of Promissory Note Bonds: Discussion

9:30 am

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail) | Oireachtas source

I have final question and then I will have to leave because I tabled a question to the Minister for Health and it is due to be taken in the Dáil. The members of the committee are meeting the ECB in September. There will be an opportunity to follow up on this in Frankfurt at that stage. I hope to be there. I will also raise the issue with colleagues. We can liaise with Mr. O'Flynn prior to that. What would he say to the argument we are likely to hear back, namely, that the general political narrative across Europe is that Ireland is doing exceptionally well? The economy is one of the fastest growing in Europe. While our debt, at €200 billion or so, is large, in nominal terms it is falling quickly as a proportion of the size of our economy. It will also be said that there are far bigger priorities including the migration crisis and Brexit and that there is really no justification for making an exception to policy for Ireland because we have recovered well and the model worked. We are likely to hear that we should move on. That could well be the response.

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