Ciarán Lynch (Cork South Central, Labour)
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We will proceed with No. 4 on the agenda today, a discussion with the Minister for Finance on the stability programme update for 2014. I remind members, witnesses and persons in the public gallery that mobile telephones must be switched off to avoid interference with the broadcasting of the meeting. I welcome the Minister, Deputy Michael Noonan, and his departmental officials - Mr. John McCarthy, chief economist; Mr. John Palmer, principal officer; Mr. Niall Feerick, assistant principal officer; Mr. Patrick Quill, statistician; and Mr. Shane Enright, assistant principal officer.

The Government's update on the stability programme for 2014 comes in the wake of Ireland's exit from the EU-IMF programme of external assistance in December 2013, with the State now eligible to participate in the EU semester process. The semester is a yearly cycle of EU economic and fiscal policy co-ordination which commences formally in January each year. The cycle begins in December with the preparation by the Government of its annual stability programme, which sets out the medium-term economic parameters for the economy. An update of the stability programme is published the following April and must be submitted to the EU institutions by 30 April.

The role of the committee today is to scrutinise the stability programme update before it is submitted to the European Commission and Council. The discussion will begin with opening remarks by the Minister, following which questions may be put to him by members.