Ciarán Lynch (Cork South Central, Labour)
Link to this: Individually | In context | Oireachtas source

As we have a quorum I call the meeting to order. We will proceed with session one of this morning's business, which is a public hearing discussion with Mr. Marco Buti, Director-General for Economic and Financial Affairs. I welcome everyone to the ninth public hearing of the Joint Committee of Inquiry into the Banking Crisis. Later this morning we will hear from Dr. Donal Donovan, former IMF deputy director. At the first session this morning we will hear from Mr. Marco Buti from the European Commission on the international, EU and domestic policy context of the banking crisis in Ireland and, in particular, the European Commission's role in monitoring the Irish economy in the years prior to the crisis as part of the stability and growth process. Mr. Buti, you are welcome to the meeting and I would also like to acknowledge the Commission's positive engagement with this inquiry and for your co-operation this morning. The committee would like to put that on record.

Mr. Marco Buti has been Director-General for Economic and Financial Affairs at the European Commission since December 2008. After completing studies at the University of Florence and the University of Oxford, Mr. Buti joined the European Commission in 1987. He was an economic advisor to the Commission's President until 2003. From September 2003 to August 2006 he was Director for Economies of the Member States at the Directorate General for Economic and Financial Affairs where he was appointed Deputy Director-General in September 2006. Mr. Buti has also been a visiting professor at the Université Libre de Bruxelles, the University of Florence and the European University Institute, and has published extensively on EMU macroeconomic policies, welfare state reforms and European unemployment.

Before I begin I would advise witnesses that by virtue of section 17(2)(l) of the Defamation Act 2009 witnesses are protected by absolute privilege in respect of their evidence to this committee. If they are directed by the Chairman to cease giving evidence in relation to a particular matter and they continue to do so, they are entitled thereafter only to qualified privilege in respect of their evidence. They are directed that only evidence connected with the subject matter of these proceedings is to be given and they have been informed previously that the committee is asking witnesses to refrain from discussing named individuals in this phase of the inquiry. Members are reminded of a long-standing ruling of the Chair to the effect that members should not comment upon, criticise or make charges against a person outside the Houses or an official by name or in such a way as to make him or her identifiable.

With that said if I can invite Mr. Buti to make his opening remarks and we will then move on to questions. Thank you very much, Mr. Buti.