If ever proof was needed that economists' opinions need to be taken with a pinch of salt, it was delivered this week. According to a Reuters poll budgets around Europe are still too loose for the dismal scientists' liking.

Out of 33 economists questioned, only eight said that policies are not too loose. And Ireland topped the list of 18 budgetary miscreants, along with Spain.

But perhaps most of these people spend most of their time looking at Europe and not quite so much time looking in this direction.

Ireland is currently running a surplus of over £1 billion and is on target to achieve at least £800 million in surplus at the end of the year.

A big achievement. It conforms with most economists' dogma that state budgets should balance over the economic cycle. We are clearly doing just that and the Minister for Finance has repeatedly pledged that excess cash will not go to boosting day-to-day spending.

As some more cynical commentators here ask, why should we listen to the Continentals when our economy is powering ahead so much faster than any of their's?