Michael McGrath (Cork South Central, Fianna Fail)
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Mr. Buti has made a number of points about the risks highlighted by the European Commission over a number of years. Some emphasis must also be placed on the positive comments it made. For example, its assessment of the 2005 to 2007 stability programme report was that the fiscal position could be considered as sound and the budgetary strategy provided a good example of fiscal policies conducted in compliance with the pact. A similar verdict was made with regard to the 2006 to 2009 period. Going back to 2005 to 2007, the Commission highlighted downside risks on the macro-economic side, but judged the overall risks to the budgetary projections contained seemed to be on the positive side, particularly in 2006. Does Mr. Buti accept the European Commission did not ring the alarm bells sufficiently strongly enough, clearly enough or persistently enough about any concerns it had about the direction of policy in Ireland?