Oireachtas Joint and Select Committees

Wednesday, 3 May 2023

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Examination of EU Fiscal Rules: TASC

Dr. Robert Sweeney:

As the Deputy attended the launch of our report, she will know that IFAC was invited and participated in the launch of that report. My impression is that IFAC and the Department of Finance are in favour of reforming the fiscal rules, perhaps along the lines of what was proposed in November 2022. That would be a significant improvement, but it would not go as far as what I would like to see which would be revising the debt limit of 60% and the deficit limit of 3%, which as I said, were very arbitrarily chosen and really do not make any sense. That is where TASC - and I imagine other civil society groups - would differ in believing that we need a more far-reaching reform of fiscal rules, which is very difficult and would require treaty change. I would certainly advocate bigger reforms than-----