Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

I thank the Chair for suggesting and arranging this meeting. I also thank both speakers. I was very interested in their opening statements. It is refreshing to hear what they have to say. They have taken quite a nuanced approach on the factors driving inflation.

Sometimes you would get a bit worried when you hear some of the media commentators as it seems that they are keeping to the old Friedmanite line that "inflation is always and everywhere a monetary phenomenon.". Both Dr. Kavanagh and Professor Whelan in their opening statements stated what the Central Bank has been saying, that it could be temporary and that there are obviously risks. I would like to hear what their views would be if they had to give an opinion on it because they have hedged in their analysis. It makes me think - I do not mean this is an bad way - of President Truman who asked for a one-handed economist because he was annoyed that his economic advisers would often say that on the one hand X could happen but on the other hand Y could happen. We have all been there. I would be interested if they did come down on the one side. My question is, do they agree with the ECB and the recent comments of Professor Philip Lane that this is likely to be temporary or do they think it is an incorrect assessment? That would be my first question.