Mr. John McCarthy:

I would stress on that, that during the bubble years I was very much at the technical level. I sent in the org charts to the committee. My job between 2003 and up to 2006 was analysing consumer price inflation and competitiveness. So it wasn't to advise on fiscal policy and so forth. From the end of 2006 into 2007, I assumed overall responsibility then for the macroeconomic forecasts. So an important distinction needs to be made between the technical level job, where you're modelling inflation, you're modelling competitiveness and so forth, and my job today, which is closer to the policy space, where anything that affects the economy, I advise the Minister on. Back in 2006, I advised on price dynamics and competitiveness.