Dr. Robert Sweeney:

The communication last week was not an exemplar of clarity. It just referred to fiscal consolidation of 0.5% of GDP. The analyses I read indicated that the adjustment would be in terms of net expenditure, that being expenditure excluding interest payments or unemployment protection. In essence, there would be a need to reduce net expenditure by 0.5% of GDP. That is my understanding but it was not particularly clear from the communication. Most people interpreted it in that way.