Michael Noonan (Limerick City, Fine Gael)
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There is merit in the Deputy’s opinion on this. My officials will consult with Professor John McHale’s organisation to reconcile the data and the manner in which it was treated. We are also consulting with the Commission to see exactly whether it will be 2018 or 2019. There is flexibility to allow for the structural deficit position whereby one can be at 0% or even a minus rate when at the top of the business cycle and then run a deficit during a recession.

This is where the half a percent differential or flow arises.