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Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: If it is sent to the clerk, we could make use of it ourselves.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: Deputy Donnelly is next.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: The Deputy's phone is causing a risk to the recording.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: It is somebody's phone.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: Is that likely?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: Does that answer all of the Deputy's questions?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: Before we finish I have a question on inflation and the eurozone target of 2%. There have been negligible rates of inflation for quite some time and the latest figure is 0.2%. What is not being done that could be done with respect to the budget or in acting in consort with our European and eurozone colleagues to stimulate a greater level of inflation in the economy? What is the impact of...

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: Could the information be made available to us after the meeting?

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: I ask Dr. Fagan to circulate it to the clerk to the committee.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: I ask the Deputy to direct his comments through the Chair.

Committee on Budgetary Oversight: Analysis of Economic Forecasts: Central Bank of Ireland (6 Sep 2016)

John Paul Phelan: I thank the Deputy, Dr. Fagan, Mr. Flynn and Mr. Quinn. With the agreement of the committee, and apologies to Dr. McDonnell, I think we should take a comfort break. We will return at approximately 4.20 p.m.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: I welcome Dr. Tom McDonnell of the Nevin Economic Research Institute. I apologise to him for our over-run in time. Dr. McDonnell will outline to the committee his views and those of the institute on Ireland's economic and fiscal position in the run-up to budget 2017. Before we begin, I remind those present to turn off their mobile phones because interference from such devices can affect...

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: Whatever is contained in the budget, it will not be too radical.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: They are not rational.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: I have two brief supplementary points. Dr. McDonnell spoke about regional development. Being from the south east, this is a bugbear of mine. The south east continues to have the highest unemployment rates in the country and it annoys me. I am not laying a charge at Dr. McDonnell, but he mentioned developing regional hubs in the west. Is there any particular reason that at the height of...

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: The improvement has been better but the fall was deeper.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: And yet the region has more than half a million people, all of whom basically live within an hour of one another.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: It has a critical mass.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: This probably is not a discussion for this committee. It is more of a fireside chat.

Committee on Budgetary Oversight: Economic and Fiscal Position: Nevin Economic Research Institute (6 Sep 2016)

John Paul Phelan: There is a university, perhaps.

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