Mr. John A. Moran:

The fiscal advisory council has also recommended much more severe fiscal contraction on a shorter term basis, so we must take all these pieces of advice into account. Considering all the views expressed, the IMF's opinion has been significantly contradicted by the European Commission's view of what is happening in the Irish economy. A more interesting analysis of the Irish economy may come from considering these multiplier effects per sector. In dealing with a small economy like Ireland, which has a number of different sectors, it is perhaps the case that there are different sectors with different multiplier effects at play. These should be analysed. I have mentioned that we want to examine individual sectors in a relatively small and open economy.