DUBLIN, Sept 5 There are "compelling reasons" to
develop a lower national target for Ireland's stock of public
debt in addition to EU rules that say states should keep the
ratio of debt to gross domestic product at 60 percent or less,
its central bank governor said.
"The volatile nature of the Irish macro-financial system and
the history of crises suggests a debt target that should be
materially below the appropriate level for a larger, more stable
economy," Philip Lane wrote in his annual pre-budget letter to
Finance Minister, published by the central bank on Monday.
"Second, the well-known interpretation issues with measured
GDP for Ireland makes it obvious that standard fiscal indicators
(expressed as ratios of GDP) need to be supplemented with
locally-developed targets that are robust to statistical
(Reporting by Padraic Halpin)