Oireachtas Joint and Select Committees

Tuesday, 12 June 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

European Union-Related Matters: Discussion with Minister for Public Expenditure and Reform

2:30 pm

Photo of Pearse DohertyPearse Doherty (Donegal, Sinn Fein)
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The point is that a downturn in the economy does not allow the Minister to dip into the rainy day fund. Under the European fiscal rules, which the Minister has championed, it has to be an unforeseen event. It has to be a financial disaster or an issue such as an outbreak of foot and mouth disease, which the Minister's speaking notes referred to. Is the Minister designing the rules so that if there is a dip in economic activity, we will be able to dip into the so-called rainy day fund to use those resources?