But I should make clear that this isn’t forward guidance: the calibration of our policies should remain data-dependent and we should maintain vigilance, optionality and flexibility as core principles in our decisionmaking. At the end of day, we have the tools, the determination and the responsibility to deliver our 2 per cent target.
The medium term Before I conclude, I would like to outline some thoughts on the medium term outlook for the economy. We need to continue to focus on the importance of underlying productivity growth for the prosperity of the Irish economy. Ireland is a small open economy, with a relatively small domestic market.