Michael McGrath (Cork South Central, Fianna Fail)
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That is fine. Professor FitzGerald makes a strong criticism of fiscal policy and I want to tease out that with him. Looking back at the budgets for 2005 to 2006, inclusive, the forecast in terms of a general government balance was 0.8% for 2005, 0.6% for 2006 with the outturn for that year being better at a 2.9% surplus, and the projection for 2007 was a 1.2% surplus. What should the Government have been doing at the time? Professor FitzGerald referred to Finland and a 5% of GDP surplus. Is that the territory the Professor believes the Government should have been working within?