Brian Cowen (Laois-Offaly, Fianna Fail)

I do not think it played any role in creating an illusion or mirage. What the Deputy's point shows graphically, as I have said myself on other occasions, is that international commentary in previous years did not foresee the scope, depth or severity of the financial crisis that came upon us in the autumn of 2008 and that we have been seeking to deal with since. In the planning that was undertaken, such worst-case scenarios were not contemplated as something to be prepared for. The OECD was not alone in that regard. The IMF, which deals with situations of crisis in economies, whether fiscal or otherwise, itself did not include that scenario in its planning.

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