Catherine Murphy (Kildare North, Social Democrats)
Link to this: Individually | In context | Oireachtas source

180. To ask the Minister for Finance the changes he has made to the stability programme update following the recent debate in Dáil Éireann; and if he will make a statement on the matter. [9458/16]

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

The Stability Programme Update (SPU) is a technical document which is required under our legal commitments as part of the European Semester, the purpose of which is to update the macro economic and fiscal outlook. It must be completed by all (non-programme) Member States by end April each year. Given the ongoing discussions at the time regarding the formation of a Government, the document was prepared on a technical no policy change basis updating the outlook relative to the position at Budget time. This included redefinition of the Medium Term Budgetary Objective (MTO) as a structural deficit of 0.5 per cent of GDP, although a future Minister for Finance can choose to over achieve this MTO. No new policies were set out in the document.

In that context, following discussion in the Dáil on 27 April I am satisfied that the text as considered did not require significant changes. The SPU that was submitted to the Commission following the debate captured minor technical changes made by my officials to ensure the overall consistency of the document. The final version does not differ substantively from what was discussed in the Dáil.

It is intended to publish a Summer Economic Statement in the coming weeks which will be a more policy-oriented document, and which will be discussed and debated in the House.