Mr. John McCarthy:

It needs to be borne in mind as well that there is a symmetry in this. The Deputy mentioned that in certain circumstances tax receipts are high but one cannot spend the money. The same applies on the way down. In other words, if there is a sharp cyclical fall in tax revenue, that does not mean one has to react because it is now considered in structural terms, so one is looking at the underlying position. In other words, one does not have to adopt pro-cyclical policies on the way down. That is why the rules are designed to lead to a better type of policy over the full economic cycle. One is not pro-cyclical on the way up in the sense of when we have it we spend it and when we do not, we do not. It is about sustainable fiscal policies and budgetary policies supporting aggregate demand through the cycle.