Professor Philip Lane:

I think it will have greater force once the CSO reports the data in mid-summer. My hope would be that, at that point, we will see the graph for GNI* being much more normal and we are not going to get the spike we saw in the 2015 GDP data. Essentially, people like Paul Krugman who understand these issues will understand why GNI* is a preferable, more stable and better series. Of course, it is very hard to walk back from that headline. Even after a few weeks, across the international community people understood very well why that headline number was essentially not giving a good picture of the Irish economy and they understood the nature of the corrections needed. Of course, in the wider public discourse, it is a headline that will not be forgotten.