McCarthy report delivered in 2009 detailed annual savings totalling €5.3 billion in a 12 month period.
"On the basis of the Special Group’s consideration of the issues arising in each area, the Group has been able to identify potential expenditure savings of €5.3bn in a full year........."
Given that there have been 5 austerity budgets, in 2012 Ireland had current government expenditure totalling €49.5 billion and a government budget deficit €15 billion.
(it could be argued that if the promissory note payment made at 31/3/2012 had been accounted for - the deficit would be €18.1 billion).
Is it time to implement McCarthy?