Pearse Doherty (Donegal South West, Sinn Fein)
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Section 4 does not include the condition in section 3 which allows the budgetary rule to be waived in exceptional circumstances. There is no such provision in respect of the debt rule. Even in the event of exceptional circumstances involving significant increases in debt, slow growth or contraction of the economy we would still have to comply with the one 20th rule. We all hope there will be sufficient growth in the economy for the rule to take care of itself but in the event of requiring an exception in five, ten or 15 years’ time because of high debt to GDP levels or a contracting economy, we would have to set aside money in our budget to reduce that debt. Does the Minister believe that an exception should be allowed?