Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 158: To ask the Minister for Finance if he has discussed the downgrading of Irish growth projections with his European counterparts; and if he will make a statement on the matter. [39784/11]

Michael Noonan (Limerick City, Fine Gael)
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My fellow European Finance Ministers and I regularly discuss at Eurogroup and Ecofin meetings the economic situation in the EU, eurozone and in individual Member States. This is a useful exercise and particularly important at the current juncture given the very uncertain environment in which we are operating. This uncertainty is reflected in the wide range of growth projections for this year, not just for Ireland but also for the euro-area.

Concerns about the euro area outlook in particular, reinforce the need for strong policy action at European level. I and my colleagues are working to this end and progress is being made.

Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 159: To ask the Minister for Finance if he has discussed the downgrading of growth projections in the eurozone with his European counterparts; and if he will make a statement on the matter. [39785/11]

Michael Noonan (Limerick City, Fine Gael)
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The European Commission released its Autumn Economic Forecast on 10th November 2011. The Commission believes that the global economy has moved to a lower growth trajectory and that real GDP growth in the EU came to a standstill around the end of 2011. Only in the second half of 2012 is a return to economic growth expected. GDP growth in 2011 is estimated at 1.5% in the euro area and 1.6% in the EU, and projected to be 0.5% and 0.6% respectively in 2012 and 1.3% and 1.5% in 2013.

I have discussed the Commission's latest forecasts with my European colleagues. These downward revisions to growth underline the importance of achieving an early and effective resolution of the sovereign debt crisis in the euro area in order to restore consumer and investor confidence. In this regard there have been some positive developments recently including the six-pack of legislative reforms and agreement on the Treaty on Stability, Co-ordination and Governance.