Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

No, that will kick in after 2019. The debt ratio must fall. We believe, based on the figures we have included, that GDP growth will do the heavy lifting. The strategy must be to keep expenditure below the growth rate in the economy. There will be a little head room for extra expenditure but not a lot, based on current growth projections. Obviously, if growth increases, we will have more head room. Based on this set of figures, we should get from 2016 to 2019 without further correction, other than keeping expenditure down. After that, we should get to a position where we will have an ongoing debt correction, in line with our obligations under the treaty. However, the forecasts, obviously, carry upside and downside risks. Looking at it from 2013 onwards, this is the best set of forecasts we have.