The Minister for Arts, Sport and Tourism has attacked recommendations in the McCarthy report on public spending.

Martin Cullen said he fundamentally disagreed with aspects of the report which recommended cuts to reduce expenditure by €5.4 billion.

Minister Cullen was speaking on the final day of the Global Irish Economic Forum in Farmleigh, where Irish and international figures gathered for a second day to discuss ideas aimed at stimulating the economy.

More on the forum here

The Global Irish Economic Forum is being held in private to encourage what is being described as a frank exchange of views. Minister for Foreign Affairs Micheál Martin said good and valid ideas were now on the table to help Ireland in the future.

Some of the topics up for discussion today were innovation and Ireland's image abroad.

Film director Neil Jordan said the Irish people had been let down by the banks, the construction industry and the Church but Ireland's cultural industry has not failed the country. Mr Jordan said the creative part of the economy had been damaged by the boom.

His remarks came as research by DKM economic consultants showed the cultural and creative sectors of the economy are worth €12 billion.