Dr. Kieran McQuinn:

I agree with the Deputy. In general, it is fair to say that European institutions, whether the Commission or the European Central Bank, have probably learned a great deal from the financial crisis when they did not perhaps react in the way they should have. There has been noticeable change in the way they reacted to the pandemic in terms of suspending the fiscal rules and providing supports which they previously had not been as quick to do. European institutions have learned much and reacted to the pandemic in a good manner in terms of trying to ensure economies got through the crisis and were not thrown off too much and that policy decisions made by the European institutions did not themselves bring about contractions in economic activity. That will colour and influence decisions going forward in regard to this issue. People will realise that you cannot just reimpose the fiscal rules given the huge uncertainly prevailing. It would be very difficult ask to try to get governments to take on board the full implications of the fiscal rules in the present context.