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Dáil Éireann debate -
Tuesday, 3 Apr 2001

Vol. 533 No. 6

Written Answers. - Fiscal Policy.

Bernard J. Durkan

Question:

209 Mr. Durkan asked the Minister for Finance the measures he and his EU colleagues have taken or propose to take to stimulate Ireland's economy and that of other EU member states in the event of the continued slow down in the American economy; and if he will make a statement on the matter. [10037/01]

Bernard J. Durkan

Question:

210 Mr. Durkan asked the Minister for Finance the extent to which he is satisfied with continued US investment here, notwithstanding the downturn in the US economy; and if he will make a statement on the matter. [10038/01]

I propose to take Questions Nos. 209 and 210 together.

Ireland's economic success in the past number of years has been achieved through our ability to improve our international competitiveness. In 2000 the competitiveness report ranked Ireland as the seventh most competitive economy in the world. Among the key reasons for this high placing are: the substantial investment in education and training over the last three decades; the rad ical restructuring of the tax system which has improved incentives to work; the promotion of market liberalisation; the implementation of the terms of successive national agreements.
This Government is committed to ensuring our economy remains competitive in the broadest sense of that word. This, in turn, will encourage foreign countries to invest in Ireland and contribute to the development of our economy. While the slowdown in the US economy may affect the amount of investment from there, the extent of the impact will depend on prospective economic developments in the US and on our continued adherence to the approaches outlined above.
At European level, EU Heads of State and Government set a strategic goal for Europe for the next decade at the European Council in Lisbon last year, namely, to become the most competitive and dynamic knowledge based economy in the world, capable of sustainable economic growth and better jobs and greater social cohesion. Since then the Council of European Finance Ministers, ECOFIN, has held a number of discussions to implement the strategic goal adopted at Lisbon.
Question No. 211 answered with Question No. 55.
Question No. 212 answered with Question No. 75.
Questions Nos. 213 and 214 answered with Question No. 204.
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