Mr. Seamus Coffey:

That is a bit defeatist because there is definitely something we can do. While we identify a lot of risks and problems that could emerge, one of the things our analysis shows is that, in general, the response to all of them is the same. Whether it is domestic overheating, the economy running at an unsustainable level of output or the potential for some of the external risks to bite in the next 12 to 18 months, the response to the wide range of risks we present is not to have full utilisation of the fiscal resources now available. The economy does not need a fiscal stimulus. If there are spending priorities, space should be made for those through increased tax revenues. If the downturns are to hit in the future and we want to avoid facing a trade-off between supporting the economy and rebuilding our financial credit worthiness, if we had a better starting point, we would be better able to absorb those shocks. While there are significant risks and we are a small cork bobbing in a very big ocean, we can put ourselves in a much better position to deal with these problems when they emerge.