Wednesday, 27 November 2013

Questions (47)

Terence Flanagan

Question:

47. Deputy Terence Flanagan asked the Minister for Finance if he will advise as to what economic policy changes will result from Ireland's exit from the EU-IMF programme; and if he will make a statement on the matter. [51049/13]

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Written answers (Question to Finance)

Irish economic policy for the period 2014-2020 will be incorporated in the Medium Term Economic Strategy (MTES), which is being drafted at present. As we approach the conclusion of the Troika programme we are beginning to reap the rewards of our sustained efforts. Economic growth has returned, albeit at a slower pace than was anticipated at the start of the programme. The public finances have been put on a sustainable path and unemployment is declining steadily. Importantly, we have also successfully returned to financial market funding. The financial sector has undergone significant restructuring since the beginning of the crisis and we will continue to progress this agenda. All of this has been achieved by steadfast implementation and delivery of our commitments under the programme. This effort has encompassed the completion of over 260 actions to date.

Looking ahead the Government intends to maintain this momentum and press on with our reform agenda. That is why, together with the Minister for Public Expenditure and Reform, I am preparing a Medium-Term Economic Strategy (MTES) which will set out the macroeconomic strategy and policy actions for achieving sustainable economic and employment growth for the period 2014-2020. Through a strategic, medium-term perspective, the MTES will not duplicate – but will complement – the necessarily more short-term focus of other related policy efforts such as the Action Plan for Jobs. A publication date for the Strategy has not been decided by Government as yet, but it is intended to produce at least an outline of the strategy by mid-December.