Brian Cowen (Laois-Offaly, Fianna Fail)

In addition, we have a situation where growth forecasts are down. Therefore, that involves an acceleration of how one brings the public finances into order more quickly. Those are the facts. Specific issues arise from that. It is not the case that the forecasts were wrong. They were justified on the basis of what was set out at the time. There have been changes during the course of this year in world and European economy fundamentals which are changing the forecasts of everyone, not just the Department of Finance but the Central Bank, the European Central Bank, the International Monetary Fund, the OECD and others.

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