In the 17 years since the base year was last revised, the GSS is saying that we underestimated the expansion in our national output by about 4 per cent per annum. On the surface of it, the rebased numbers give us much concern than comfort. It shows that we need to do more to really consolidate our position as a middle income country.
Simultaneously, the role of national central banks and their dialogue with the national fiscal policy authorities will continue to be essential; in achieving an appropriate monetary and fiscal policy mix at the European level, and in ensuring balanced economic performance in each country under the single monetary policy. 6.