Professor Michael McMahon:

I will answer two of the questions and leave the hard ones for everybody else. I was asked what I would do. I was on the radio this morning giving exactly this answer. As Mr. Coffey noted, while things are going quite well, this is an incredibly uncertain time. For this reason, I would be as prudent as I can be. I would take steps which, at the very least, stuck to my plans. This is the exact point of view that is driven home in my report. I would err on the side of caution, in layman's terms, and take a very careful position.

On the Deputy's second question on GDP versus GNI* being agreed across Europe, the rest of the European economies and most economies across the world use GDP as the accepted measure. It is precisely in the case of a small number of mostly small, open economies that GDP ceases to be a relevant measure. I do not imagine that we will be successful in convincing the rest of the world to move from GDP to GNI*. However, what we can do is ensure that all the bodies that are assessing the Irish position use the GNI*, which we believe gives a much clearer and appropriate picture of the situation.