Micheál Martin (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

251. To ask the Minister for Finance the position regarding the spring statement planned by the Government; and if he will make a statement on the matter. [3279/15]

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

Under European Council Regulation 1175/2011, each Member State is required to present an annual update of its Stability Programme to the European Commission and European Council by end-April.

The Stability Programme Update (SPU) sets out the Government's budgetary objectives and the main economic assumptions underpinning them for the following three years or - as applies to Ireland - in accordance with the relevant EU Regulation until the time at which the medium-term budgetary objective (MTO) of a balanced budget in structural terms is reached. It is projected that Ireland will reach its MTO in 2018. As part of the annual European Semester process, the European Commission assesses the budgetary strategy of each Member State by reference to its SPU.

This year, Ireland's SPU will be accompanied by a Spring Economic Statement (SES). The SES will set out in broad terms the Government's economic priorities and fiscal strategy over the medium term. The Government would envisage that the SES would become an important part of the annual budgetary cycle.