We are implementing a very challenging budgetary adjustment of about 20% of GDP over the period from 2008 to 2015, with most of this already achieved. We remain on track to fall to below the 3% of GDP-target by 2015.
This new stability and confidence has been hard-won. But it has paid off with long-term Government-bond yields, now at less than 4%, coming down from a high of 14% two years ago.
So that’s enough of the good news: ie, we’re doing what the ECB asked us to do, but in fact this is a jobless recovery. So channelling his twin roles as Taoiseach and spokesman for the Presidency of the EU.
And getting the money flowing again by:
…making progress on the proposals for Banking Union is a major priority for Ireland in its Presidency. We are pleased, that in recent weeks we reached agreement with the European Parliament on the Capital Requirements Directive.
When implemented, it will ensure that European banks hold enough capital and of sufficiently-high quality to withstand future economic and financial shocks.
Our next task will be to secure agreement on the establishing a Single Supervisor which is critical in facilitating the direct recapitalisation of banks across Europe by the European Stability Mechanism (ESM).