Mr. Gabriel Makhlouf:

I have two things to say to that. Importantly, monetary policy operates at the euro area economy, and we do not spend much time analysing what it means to the 20 different economies within the euro system. What that means is that in individual economies, fiscal policy actually has to play a bigger role in supporting monetary policy. I would be careful about going as far as Deputy Tóibín's statement went because it is not as if we are making judgments at the ECB about the Irish economy itself.