Brian Cowen (Laois-Offaly, Fianna Fail)

There is no problem at all. I will answer all questions to the best of my ability. The Deputy made some assertions that I want to rebut. If I do not do so, he might assume I agree with them.

It is clear that if the goals set out in the programmes under the national development plan are not met, prioritisation of programmes will be required. As members of the euro area, we must adhere to the guidelines and imperatives of the Stability and Growth Pact. Our having used our surplus in the good times for the reduction of debt enables us to be in a better position than would otherwise be possible. We will work within the guidelines set out in the Stability and Growth Pact regarding deficit spending. As I stated before, there were times of surplus when we were paying for capital programmes out of cash. Borrowing modestly to invest ambitiously is the correct approach at this phase of the economic cycle.

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