Mr. Marco Buti:

At the time we had a very limited set of tools. Within the Stability and Growth Pact we focused essentially on two conditions, a general government deficit limit of 3% and a debt limit of 60%. Within the broad economic policy guidelines we could go beyond that, and we did, as I indicated, in 2001, but with unfortunately no enforcement powers. So we signalled a number of risks emerging. I think we called on Irish authorities to behave responsibly but we did not have at the time any enforcement mechanism. What we did, and what we have to do for all member states, is to conclude whether the updates of the stability programmes of Ireland and other member states formally complied with the principles and constraints of the Stability and Growth Pact. In the case of Ireland it is clear that throughout the period the former requirements were abided by.