Fintan Warfield (Sinn Fein) | Oireachtas source

As we all know, the EU fiscal rules were suspended during the pandemic. Indeed, the pandemic underlined the fundamental weakness of those rules, particularly the Stability and Growth Pact. What good are rules that are suspended if and when they become inconvenient? What good are rules that make impossible the necessary public investment in housing, healthcare and climate action that is needed in our country and in Europe?

Last month, I highlighted that this is an important time for EU economic policy. Yesterday, the Commission announced proposals to reform the EU fiscal rules. The proposals are an improvement on the damaging rules of the past but it is clear the original suggestions have been diluted to placate the German Government. A number of proposals Sinn Féin argued consistently and strongly against as being unworkable have been removed. However, arbitrary targets remain in place that could damage the economies, services and societies of EU member states that deviate from them. As the proposals are brought before the European Parliament and the European Council, it is crucial the Government and Irish MEPs make the case to respect the sovereignty of member states, abandon the failed rules of the past and allow the necessary investment our Continent needs in climate action, housing and healthcare.