Oireachtas Joint and Select Committees

Wednesday, 8 July 2015

Committee of Inquiry into the Banking Crisis

Nexus Phase

Mr. Brian Cowen:

No, I mean, as I say, the issue was to see, you know, how could we improve the competitiveness of the economy, you know, look at what reforms will we need to be looking at to try and improve the thing. You know, you're just basically out there fishing for some ideas. It wasn't a sort of a formal think-tank operation like that, you know what I mean, where you're sitting down to have an agenda item meeting. It was basically to just get a read from people as to how they saw the economy going. Now, clearly, there was, as we know, there was a contraction in the economy, there was a reduction in lending. We all know that. And it was what effect ... where might this go or how can we ... just apart from just looking at the figures of it, how do we come up with some ideas that will improve competitiveness in the economy, improve job prospects in the face of what we were facing into? And, obviously, investment and education and research and development ... looking at all these sort of things as positives in the context of clearly having to deal with the public expenditure and taxation problems.