Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

It would take great wisdom to be able to say now what we believe fiscal rules are going to be. Fiscal rules, by their nature, are medium-term and try to set out the arrangements for a number of years. It is fine to advise that this be done but to set figures, begin the debate now and try to set targets for the rules would not be appropriate for the economy now or for the encouragement of an economic recovery. That is the view held by many of my colleagues in the European Union and in our European institutions. It is definitely appropriate for Ireland at present. I have given a commitment that, as part of the stability programme update that we will give in the first half of next year, there will be an opportunity to put together a budgetary forecast for a few years and lay out what we believe our targets will be, but I am not in a position to do that now. Trying to set the targets now would not be helpful.