Oireachtas Joint and Select Committees

Wednesday, 4 November 2015

Joint Oireachtas Committee on European Union Affairs

European Economic and Monetary Union: Discussion

1:30 pm

Photo of Seán KyneSeán Kyne (Galway West, Fine Gael) | Oireachtas source

I welcome Mr. Dukes and Mr. Tutty . I thank Mr. Tutty for his contribution and for the reports that have been published. In his comments on the five presidents' report, which he edited, he stated "Any delay in introducing the necessary reforms may leave the EMU at risk of future economic and financial difficulties", which is clearly evident. Will anything be as bad as what we have come through? Does he think this is a good start and not the final solution to ensuring an avoidance of the level of financial crisis as experienced in recent years? As for the European semester, he referred to "a limited number of priorities, and in particular the suggestion that the focus initially should be on the euro area as a whole". Since Ireland has left the bailout and has been subject to the European semester process and the country-specific recommendations, I personally do not believe they have been too arduous although perhaps some would disagree. What is the view of the IIEA across Europe regarding country-specific recommendations? Do they represent a burden on certain countries or is it because Ireland had the experience of the troika being here and the country-specific recommendations in Ireland are, if one likes, a continuation of the troika process? President Juncker stated, as part of the launch of the five presidents' report, "I want Europe to be dedicated to being triple-A on social issues, as much as it is to being triple A in the financial and economic sense." How do the witnesses think this can be achieved? Will it be through the country-specific recommendations as well or is there another way in which this can be approached?

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