These two issues: high public debt and the working out of the banks’ distressed loans remain central. Progress has been made but more is needed. Let me speak first about the public finances and public debt, and then about the banks.
In both aspects, Ireland’s interaction with Europe and the Rest of the World generally is a crucial part of the story, but a lot is home-grown also. With regard to the public finances, clearly the aftermath of the bank-driven boom and bust is the context for everything.