Written answers

Tuesday, 8 July 2014

Department of Finance

European Stability Programmes

Photo of Kevin HumphreysKevin Humphreys (Dublin South East, Labour)
Link to this: Individually | In context | Oireachtas source

205. To ask the Minister for Finance if the EU Commission will be carrying out an alert mechanism report under macroeconomic imbalances procedure now that Ireland has exited the bailout programme; the date on which this will take place; the expected publication date; and if he will make a statement on the matter. [29640/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

The European Commission published the Alert Mechanism Report (AMR) for 2014 on 13 November 2013. The AMR is the starting point of the yearly cycle of the Macroeconomic Imbalance Procedure (MIP) and identifies the Member States for which further analysis in the form of an in-depth review (IDR) is needed. Given that Ireland was still in a macroeconomic adjustment programme, last year's AMR did not recommend whether an IDR should take place for Ireland but that the situation of Ireland in the context of the MIP would be assessed after the conclusion of the programme.

Subsequent to the conclusion of the programme the ECOFIN Council in February considered that Ireland should be fully integrated into the European Semester framework in 2014, including the MIP, and invited the Commission to consider preparing an IDR for Ireland. It also recommended that this same procedure should be followed for other programme countries once they had successfully completed their financial assistance programmes. The in-depth review (IDR) for Ireland was published on 5 March 2014.

The 2015 AMR is likely to be published in November of this year. The Commission will recommend in the context of the 2015 AMR whether an in-depth review for Ireland and other Member States will take place in early 2015. 

Links to most of the documents referenced here can be found at: .

Comments

No comments

Log in or join to post a public comment.