Oireachtas Joint and Select Committees

Tuesday, 16 June 2020

Special Committee on Covid-19 Response

Covid-19: Impact on the Fiscal Position

Mr. Sebastian Barnes:

We understand that a great deal of contingency planning has been done. On the economic side, it may be that it requires additional stimulus measures. That is one of the things that could be considered when future packages are set.

As with Covid but perhaps even to a greater extent, a hard Brexit might be a long shock and so very much a change in Ireland's trading relationships. That might have more long-term consequences. That might be important in terms of measures, for example, around training or supporting firms and activities to transition to a post-Brexit world so it would have a major impact. The stimulus could and should be provided in that situation but some of these long-term issues would have to be addressed.