I propose to take Questions Nos. 78 and 81 together.
Ireland complies with the requirements of the Budgetary Frameworks Directive, which was adopted as part of the 'Six Pack' reforms of the Stability and Growth Pact in 2011. In line with these provisions, we have established a credible medium term budgetary framework that ensures our fiscal planning follows a multiannual perspective. Furthermore, as required under the 'Two Pack' reforms, our macroeconomic forecasts, which underpin both the annual budget and Stability Programme Update (SPU), are assessed and endorsed by the Irish Fiscal Advisory Council.
The Government will be publishing the Summer Economic Statement shortly. This will represent the first opportunity to publish our medium-term fiscal plans since the Government was formed. The forecasts in the Statement will reflect the tax and spending priorities set out in the Programme for Partnership Government.
The SPU submitted to the European Commission in April was completed before the formation of the current Government. For this reason, it was prepared on a purely technical no-policy change basis. This is the accepted practice in circumstances where elections are underway or governments remain to be formed in post election circumstances. Accordingly, prior to the formation of the current Government, there were no policy decisions in place on the use of the fiscal space for the coming years. As the use of the fiscal space, for example on expenditure, tax reductions or improving the general government balance, has major impacts on multiannual forecasts, it could not be reflected in the SPU projections.
