Mr. Pierre Moscovici:

First on CSRs, they are qualitative and not quantitative so it is very hard to give a credible percentage for implementation but obviously it needs to improve. That is what we are trying to do this year. Last year there were seven recommendations for Ireland but this year there are four. They are more strategic recommendations. We are not trying to enter into too much detail but we are pointing to some issues that are relevant and strategic. We include those CSRs in a global strategy through investment, structural reform and through pursuing sound and prudent fiscal policies. What we want to do through that is to help national ownership and thereby increase the level of implementation. I am here to debate with government, civil society and the Parliament and to show that our common goal is to improve the state of the Irish economy in terms of creating growth and jobs. As far as mortgages are concerned, we are assessing a new mortgage initiative, a report on which will be available in July. In terms of housing and construction the Commission recognises that supply constraints in the property market are an important issue in Ireland, as was pointed out by some members of the panel at the meeting I attended this morning. However, the Government is introducing policies especially targeted at supporting the construction sector and the supply of housing. It is still a concern but it is not among the recommendations because action is being taken.

As far as the Brexit is concerned, there was a recent election in Great Britain, the result of which we are all aware. After the elections, Mr. David Cameron announced that a referendum would take place before or in 2017 to determine whether Britain would remain in the European Union. I am aware of the strong links between the Irish economy and the British economy. All economic studies suggest that it would be a major problem if not more than that for the European Union and the British economy itself if Great Britain exits from the European Union. Clearly, the Commission wants Great Britain to stay in the EU. We believe that the place of Great Britain is in the EU but at the same time, we are also aware that in the treaties, there are some fundamental freedoms. We will see what the precise demands of Mr. Cameron are. Discussions are starting and last night President Juncker met Mr. Cameron. I did not speak to him on the telephone this morning to hear about the exchange they had, but I will hear about that tomorrow. It is the start of the process but this process must lead to Great Britain staying in the European Union. There can be some changes but there is also the logic of European integration, which has to be fully respected. As far as competition is concerned, globally speaking, we have a major problem in our economies which is the lack of investment, the investment gap. The figures show that the EU invested 15% less than in 2007.

If we cannot find a solution and fill that gap, ten years from now we will be second division players in the world economy. That is why the Commission is truly addressing this question through the investment plan, which I understand was presented in Ireland by Vice President Katainen last week. We want to speed up on investment. That is the best answer we can give with respect to the lack of competitiveness in our countries.