David Cullinane (Waterford, Sinn Fein)
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This bespoke measurement, according to Professor Lane, is "the publication of an adjusted indicator of the size of the economy, GNI*, which would subtract from GNI both the retained earnings of re-domiciled firms and adjust for the depreciation of foreign-owned domestic capital assets". What standing does any of these bespoke measurements have internationally? The international measurements are GDP and GNP. Can Professor Lane understand the confusion about which figures are real and to which ones people should lend weight? If they do not like one set of figures, they can refer to another. Can he understand how it is a concern for people who examine these issues? The measurements are not immaterial or inconsequential. They impact on how we implement and apply the fiscal rules. Is it the case that the fiscal rules can be applied only using the more traditional measurement, GDP, and not any of the alternative measurements being examined here?