Dr. Stephen Kinsella:

Maybe I will just answer the first part about a fiscal cliff-edge. The European Commission has to say that the fiscal rules are going to bind again. I was a little surprised that they said "2023" and not "2024". There are advanced discussions happening at the European Commission on how to change the fiscal rules and by the time we get to 2023, there may be a different set of fiscal rules. For the moment, it is absolutely the case that should the fiscal rules come to bind in the current form, fiscal consolidation is inevitable. That is why I wrote the way I did. It is inevitable the Minister for Finance of the day will not be able to stand up in the Dáil and spend €18 billion, or even €4 billion or €5 billion, in those conditions.