Oireachtas Joint and Select Committees

Wednesday, 10 November 2021

Committee on Budgetary Oversight

Inflation: Discussion

Photo of Neasa HouriganNeasa Hourigan (Dublin Central, Green Party) | Oireachtas source

I thank Deputy Ryan for that. I will allow members to come back in if they would raise their hands to indicate they would like to do so. I would like to follow up with a question of my own. One of the questions I had related to the fiscal rules, which have already been raised. We discussed to some extent the expectation that inflation will be a relatively short-run thing, that it will not last for a long period. I am mindful the European Commission has just relaunched its review of EU economic governance. First, as a mini question, I am curious as to whether experts like our guests submit to those open call consultations. I am interested to know what is the voice coming from Ireland. Is it simply from Government or do experts like our guests get involved in the fiscal rules discussion at that level? The other question I have is that if this level of inflation is not a short-run thing, if it is still with us when the fiscal rules may click back into place in 2023, what mechanisms would they expect to see, or could we see, within it to address issues of continuing inflation? Dr. Kavanagh might respond to those questions.

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