Seanad debates
Wednesday, 26 March 2003
Finance Bill 2003 [ Certified Money Bill ] : Committee and Remaining Stages.
The case could be made that perhaps reserve funds should be set up so that they could be thrown into the economy at various stages. That would not count at all in EU terms for the 3% stability pact. There are anomalies in the stability and growth pact and I have spoken about them at many fora, but this is the first opportunity I have to spell out the position in clear terms. I have heard eminent commentators discussing this great increase. I will provide an example and I am willing to listen to an opposite view. The policy we adopted of increasing spending in the social areas with the largesse that we had available and striking a balance between that and taxation changes was the best economic prescription. At the same time, we ran overall budget surpluses and overall Exchequer surpluses.
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