Tuesday, 15 May 2018

Ceisteanna (208)

Joan Burton


208. Deputy Joan Burton asked the Minister for Finance if he will report on his meeting with Mr. Klaus Regling, Managing Director of the European Stability Mechanism on 8 May 2018; and if he will make a statement on the matter. [21349/18]

Amharc ar fhreagra

Freagraí scríofa (Ceist ar Finance)

I met with the Managing Director of the European Stability Mechanism (ESM), Klaus Regling, on Tuesday, 8 May 2018. We had a positive and constructive discussion on a number of issues including the Irish economy and the future of the Economic and Monetary Union, with a focus on the future role of the ESM.

Mr. Regling noted that Ireland’s economic recovery since the crisis is ‘remarkable’. I updated him on recent developments which highlight the robust recovery and strong performance of the economy. I also outlined some of the more pressing challenges that need to be monitored and managed carefully. We discussed Brexit and its potential impact on the Irish economy, the ongoing necessity for investment in infrastructure such as housing and transport, and the legacy issue of non-performing loans which continues to impact the banking sector.

We agreed on the need to continue to strengthen the economic and monetary union, and reviewed the possible development of the ESM in that context.

Discussions on the future role and remit of the ESM include a review of the ESM lending toolkit and whether the ESM should play a greater role in programme design and monitoring in the future. The potential development of the role of the ESM of course requires careful consideration and deliberation and work is ongoing, at both technical and political level, in advance of the June European Council at which EU Heads of State of Government will reflect further on deepening the economic and monetary union.