Dr. Eddie Casey:

That might not be the case. It might be less. The way the rules worked was so pro-cyclical that it could have risen to higher levels. It is a moot point because the rules are in suspension. The Deputy is probably thinking of the spending rule in the EU fiscal rules. That rule is not in operation this year. It was not in operation last year and probably will not apply next year either. If the rule was active, could we have done more? It would not have been wise to do so. The Deputy has often heard us talk on this subject. We need to think about things in terms of net spending. If one wants to do more on the spending side, that is fine, but it should be financed sustainably through higher taxes or other revenue sources. That is what we are saying here. If we were to add more fuel to the economy in a situation like this, where unemployment is very low and growth is happening at a fairly fast pace, we would add to the inflationary pressures that are there. One way to prevent adding to those pressures is to take some of the heat out of the economy by raising taxes elsewhere.