Dáil Éireann Debate, Tuesday - 21 May 2013
297. Deputy Bernard J. Durkan asked the Minister for Finance the extent to which he has had discussions with his eurozone colleagues and the wider EU in the context of strategic investment to facilitate job creation throughout the European Union with particular reference to the need to generate growth, employment and achieve a reduction in welfare costs; and if he will make a statement on the matter. [24392/13]
View answerFirst and foremost, I wish to point out that growth and jobs is a key theme of the Irish Presidency of the European Union. A number of initiatives are being implemented at EU level in order to boost growth. I believe the cumulative impact of all of these measures will be positive in terms of supporting economic activity in the EU at this difficult juncture.
For instance, Heads of State or Government in the EU agreed on a compact for growth and jobs at the European Council in June last year. This involves action by both Member States themselves and at EU level in order to boost growth, investment and employment.
Measures to be implemented at the national level include the full implementation of the country-specific recommendations from the European Semester, including the pursuit of differentiated and growth-friendly fiscal consolidation, the restoration of normal lending to the economy and the promotion of competitiveness. At an EU level, policies to promote growth include a renewed emphasis on deepening the Single Market and reducing the regulatory burden. In addition, the recent EUR 10 billion increase in the European Investment Bank capital will allow the Bank to lend an additional EUR 60 billion to support growth and jobs and, together with the European Investment Fund, this will help to catalyse projects worth up to EUR 180 billion in 2013-2015 across the EU.
Finally, considerable progress has been made at a euro area level to put the single currency on a more solid footing. For instance, the establishment of the European Stability Mechanism and the ECB’s announcement of Outright Monetary Transactions have helped restore confidence, while the enhanced system of governance will have a positive impact on economic activity and consequently on the labour market.
