David Cullinane (Waterford, Sinn Fein)
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I acknowledge Professor Lane's response. I note what he says that, whether it is the European Commission, the European Central Bank or otherwise, when they look, for example, at the debt-to-GDP ratio, there may be a footnote that when one takes GNI* into account, the position might be somewhat different. The point is that the fiscal rules are worked out on the basis of the debt-to-GDP ratio. Is Professor Lane suggesting they may use a different set of measurements in calculating the rules or that they will still work on the basis of the debt-to-GDP ratio? If that is the case, they will be working from a false premise. What value do the new measurements have, other than telling us something else?