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18/02/2009
Ireland Face Disciplinary From EC Over Economy
The European Commission is to launch disciplinary proceedings against Ireland due to current 'economic free fall'.
The Commission, the EU's executive arm, said it was launching the 'excessive deficit' procedure against Ireland along with France, Greece, Spain, Latvia and Malta because their budget shortfalls were above the EU ceiling of 3% of gross domestic product.
Exceptional circumstances are considered where appropriate,' Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement.
The European Commission is preparing to say it has serious concerns over the Government's handling of the economic crisis.
Reports this morning say two EC assessments out today will criticise the lack of clarity in the Government's economic recovery plan, as well as the failure to maintain a "prudent fiscal course" during the boom.
The EC is reportedly set to initiate an "excessive deficit procedure" against Ireland because of the Government's plans to significantly exceed EU budget deficit rules over the coming years.
Five other member states are also set to face similar procedures, which allow the EC and other EU countries to recommend policies to restore order to the states' public finances.
(DW/BMcC)
The Commission, the EU's executive arm, said it was launching the 'excessive deficit' procedure against Ireland along with France, Greece, Spain, Latvia and Malta because their budget shortfalls were above the EU ceiling of 3% of gross domestic product.
Exceptional circumstances are considered where appropriate,' Economic and Monetary Affairs Commissioner Joaquin Almunia said in a statement.
The European Commission is preparing to say it has serious concerns over the Government's handling of the economic crisis.
Reports this morning say two EC assessments out today will criticise the lack of clarity in the Government's economic recovery plan, as well as the failure to maintain a "prudent fiscal course" during the boom.
The EC is reportedly set to initiate an "excessive deficit procedure" against Ireland because of the Government's plans to significantly exceed EU budget deficit rules over the coming years.
Five other member states are also set to face similar procedures, which allow the EC and other EU countries to recommend policies to restore order to the states' public finances.
(DW/BMcC)
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