Pearse Doherty (Donegal South West, Sinn Fein)
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Question 55: To ask the Minister for Finance if a social and economic impact assessment was carried out by him, or by another Department at his request, on the implications for Ireland of the new fiscal rule of 0.5% of GDP structural deficit limit, as contained in the statement by the eurozone area Heads of State or Government signed by the Taoiseach on 9 December 2011; and if he will make a statement on the matter. [40921/11]

Michael Noonan (Limerick City, Fine Gael)
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Targeting an appropriate structural balance has been a feature of the European fiscal framework for a number of years already. To help ensure sustainable economic and budgetary policies, the structural balance is an appropriate tool, as it provides greater clarity on the underlying budgetary position by adjusting the headline fiscal position for short-term movements in the economic cycle. The statement by euro area Heads of State or Government recognises the important role it plays and European leaders are placing greater emphasis on this tool.

Its application is reflected in the budgetary policies adopted by each Member State and it is in this context that any economic assessment arises.

In terms of current economic and budgetary policies, the priority for the Government is delivering on our programme commitments, which will also help maintain the public finances on a sustainable path over the medium and longer term.