The communiqué issued on behalf of EU Finance Ministers and Central Bank governors following the meeting on 14 March 1998 at which the revaluation of the Irish pound's central rate in the ERM was decided included the following statement:
The Ministers and Governors noted the firm resolve of the Irish authorities not to exceed the expenditure commitments in the 1998 budget and to ensure that any revenues above those anticipated in that budget are used to raise the primary surplus, and thus the general government surplus, above the planned figures. Moreover, the authorities are equally resolved to propose a Budget for 1999 having as its primary objective the continuation of low inflation in Ireland.