Professor John McHale:

That is a great set of questions. The idea of a fiscal council predated the troika programme and Senator Barrett was involved in those early considerations of the council. It certainly became a condition of the programme then. To a large extent, because it was already in the works, it would have been required anyway under European fiscal rules.

Our importance certainly increases post-troika. They were the main watchdogs for the last couple of years but our watchdog role takes on great importance post-bailout. The troika will continue to visit, however, and hopefully will continue to want to see us. We envisage that those links will continue.

As regards the medium-term strategy, the officials are right. We have a particular mandate and it is possible that it will be extended in future. For the credibility of the council, however, it is important that we do not exceed that mandate, which is focused on an assessment of the projections, compliance with fiscal rules, assessment of the fiscal stance, and importantly this new endorsement function relating to the macro-economic forecasts. As an individual NUIG economist, I was asked to a seminar on the medium-term strategy, so I was able to give my views but not as a council member.

For some reason, I was taking very bad notes and I only seem to have scribbled down the Senator's third point. Can he remind me of what it was?