Ireland still faces constraints on its public finances from deficits and high debt levels, though debt is falling. While expenditure remains high, approximately 80% of corporation tax revenue comes from multinational corporations, highlighting Ireland's vulnerability. To better prepare for economic downturns, fiscal policy should assess balances and debt levels based on GNP rather than GDP, set aside corporate tax revenues equivalent to half the tax rate in a stability fund, and allow withdrawals from this fund during periods of low growth.