Seanad debates

Wednesday, 26 March 2003

Finance Bill 2003 [ Certified Money Bill ] : Committee and Remaining Stages.

 

We are at the very edge in terms of what is allowed. The EU will not allow a small country such as Ireland to move up to 3%. Germany and France have arrived at 3% and Portugal went beyond it. However, Ireland would not be allowed to approach that figure because it would be regarded as being too dangerous for a small country to do so. This stability and growth pact is very restrictive, particularly at the level of low debt such as ours.

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