Mr. Seamus Coffey:

We link the rainy day fund to the overall budgetary stance rather than to individual areas or pressure points we might see in the economy based on individual markets. If there are priorities that it is felt should be addressed, and the political system feels additional resources should be used to address them, that can be done while having a rainy day fund. They are not exclusive. We can do both. We can increase spending by even more than the rules allow by increasing taxes and still have the appropriate fiscal stance to try to manage the economy. It is not a very easy thing to do. If countercyclical management was something that could be easily achieved, countries would not go through the boom-bust cycle we have seen over decades. It is something we should at least be trying. If there are additional areas where it is felt more resources are required the decision should be made to allocate the resources. They can be separate decisions and both can be achieved at the same time.