Written answers

Wednesday, 10 November 2010

9:00 pm

Photo of Willie PenroseWillie Penrose (Longford-Westmeath, Labour)
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Question 94: To ask the Minister for Finance if he will set out a template of the four year stability plan which is under preparation for the European Commission detailing exactly the information the Commission is looking for, the format of same and the amount of detail; and if he will make a statement on the matter. [41629/10]

Photo of Brian Lenihan JnrBrian Lenihan Jnr (Dublin West, Fianna Fail)
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The Government will publish a Four-Year Budgetary Plan in the coming weeks which will set out the expenditure and revenue measures required to meet the deficit target of 3% of GDP by end-2014. The Plan is not being prepared at the behest of the EU Commission, nor has the Commission dictated the contents, or indeed any aspect of the Plan's format. Publishing a four-year plan was a decision taken by Government to reaffirm our commitment to tackling the imbalances in the public finances and returning them to a more sustainable position over the medium term. Officials from my Department have met and shared information with Commission Officials as they have also done with the Opposition parties. I met with Commissioner Rehn on Monday last to update him on progress on the Four-Year Budgetary Plan. These meetings and discussions are a very useful and constructive part of the process of developing the Plan. Last week my Department published a technical Information Note detailing the emerging economic and budgetary position for 2010 and providing an assessment of the economic and budgetary outlook for 2011 and for the medium-term. The Note outlined that a consolidation package of €6 billion for 2011 has been decided upon by Government. Details on the composition of the adjustment for 2011 and the extent and composition of the measures over the remaining years of the forecast period will be announced in the Four-Year Budgetary Plan.

Importantly, the Four-Year Budgetary Plan also will highlight structural reform measures that will underpin future economic growth. Reforms to the budgetary framework will also be a part of the Plan. Following the publication of the Four-Year Budgetary Plan later this month, Budget 2011 will be published on 7th December.

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