Michael Noonan (Limerick City, Fine Gael)

The practice of the Commission over the years with all governments is to discuss matters before imposing any regime. When it states "propose", it will discuss.

The Deputy is correct that the concept of a structural deficit is difficult to understand in the first place. It is extremely difficult to measure, particularly for a country such as Ireland, which has, in effect, a common labour market with the UK. The Deputy will remember the Warren Buffet quotation that it is only when the tide goes out that one discovers who has been swimming naked. The Deputy should reflect on that experience of his party's Government. The Fianna Fáil and the Green Party Government was supposed to be running surpluses for several years but was actually running structural deficits when all the headline figures suggested surpluses. The tide went out and they were left naked with the waves lapping around their ankles and nowhere to go.

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