14/12/2011
By Matt Ritchie
The European Commission has concluded that important progress is being made in strengthening Ireland’s economy, in its staff assessment following the fourth review of the EU and IMF-supported financial assistance programme for the country.
Announcing publication of the report, the commission said economic growth has returned this year following “three years of contraction”. Although the domestic economy was still re-adjusting, exports were marking expansion.
Progress has been made in the areas of fiscal consolidation, strengthening of the domestic financial sector and growth-enhancing structural reforms, as requested by the Council of Ministers, the report said.
In addition, the long-term cost of public service pensions is being reduced.
The report concluded that fiscal performance for the year was on target, while recapitalisation of banks had been completed at a lower than expected cost and structural reforms to boost employment and growth were underway.
Read the report here
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