Updating the committee’s recommendation
Fitzgerald argued that changing the recommendation from 9.5% to 6.5% undermined the report and questioned whether the norm would fluctuate with exchange rates. Bruton said the economists independently updated their recommendation using newer information and defended their independence; the Chair deferred remaining questions to the next sitting.
Would the Minister not accept, even at this late stage, that the worth-while benefits of that report were undermined by the change from 9.5 per cent to 6.5 per cent? If the Minister's argument were taken to its logical conclusion, would he not agree that 6.5 per cent should fluctuate and change with every single change in exchange rates?
Comment on this
The economists involved were concerned that their recommendations should be as up to date as possible. It was perfectly normal for them, on the basis of information which became available to them after the report had been completed, to wish to bring their recommendations up to date in the light of that information. That was a decision taken by them independently.
Comment on this
Who made the information available?
Comment on this
When the Leader of the Deputy's party attacked the integrity and independence of the economists in this context, they rebutted his charge vigorously, a charge, I might add, which he should never have made.
