Dr. Kieran McQuinn:

We need to draw up the key requirements of the economy. Housing is the one we have always advocated because it is the most pressing one and the one that affects most citizens. We have done detailed work on how much people are paying for housing and how it compares through time. That is the main area I see. There are other areas around other elements of social infrastructure, including schools, hospitals, etc.

The Deputy referred to large infrastructural projects. I was somewhat heartened by the Minister's announcement recently that, in looking at the national development plan, there will be a key emphasis on trying to bring about monitoring of costs. The one nagging doubt I always have as an economist in advocating capital investment is that there is a danger we could see billions of euro in public funding going into projects without getting the required return. We have seen costs escalating and go out of control on several projects. I believe it is important that, whatever we do, we have strict monitoring of the costs and the returns for the investment. Ultimately, we are talking about substantial amounts. It is ultimately taxpayers' money so we have to be focused on that. In anything that is undertaken there has to be a rigorous cost-benefit analysis underpinning it and a rigorous monitoring of the costs to ensure that they do not escalate. Certainly, housing would be the main one in terms of priorities. It is important that we begin to invest in green technologies that could help us meet the kind of environmental targets abroad. Those are the key pressing issues I see.