Dr. Kieran McQuinn:

For a country such as Ireland, which has a small, open economy, there is always a good case for having a reserve fund, a buffer of some sort, if you like. The question is how much of the fund should be retained for unforeseen events and how much should be diverted to areas such as housing, health or climate change etc. That is something that needs to be decided in the context of the amount available. There is certainly a case for always having a certain amount available for unanticipated consequences, which can arise, as we know.