Neasa Hourigan (Dublin Central, Green Party)
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That is very helpful. I thank Dr. McQuinn. Page 4 of the submission reads, "Preliminary estimates from the ... (ECB) indicate that the conflict could reduce economic output in the Euro area by up to 0.4 per cent this year." I am interested in the next sentence which reads, "Previous modelling work done using ... the largescale macro-econometric model of the Irish economy ... indicate[s] a 1 for 1 relationship. I had not been aware of that. We have all learned from the past two weeks - some of us knew it already - that we are not as reliant on Russian oil and gas as other EU countries. Notwithstanding that inflation here is impacted by the war as much as it is elsewhere, we have less vulnerability to the particular energy outputs of Russia.

Will that one-to-one relationship of growth or non-growth between Europe and Ireland be exactly the same over the 12 months given that unlike Germany, we do not get 40% of our gas from Russia?