22 November 2013
Ireland’s exit from the EU’s bailout programme shows that the country is in ‘good shape’.
Speaking to Governance & Compliance, an EU official based in Dublin commented: ‘Ireland's ability to consistently meet its targets under the programme, and to take strong ownership of the measures needed to meet those targets, sends a clear signal to markets and investors that the country is in good shape to credibly underpin the nascent economic recovery with sound fiscal and structural policies, also in the post-programme period.
‘Country-specific recommendations for Ireland addressing key policy reform areas will be issued in May 2014.’
The official also added that ‘at EU-level, upon programme exit Ireland will – alongside all other EU member states that are not in a programme – participate fully in the European Semester exercise, which kicked off with the publication of the Annual Growth Survey on 13 November.’
Vice-President Olli Rehn has said that Ireland’s ‘graduation from the programme will send a very clear signal to markets and international lenders that the adjustment effort undertaken, with the support of its European and international partners, has paid off.
‘Ireland has accumulated significant cash buffers under the programme, helped by the decision taken earlier this year by European creditors to extend the maturities on loans granted.’
Ireland was given a €90 billion loan from the EU and IMF in 2010 to help rescue its debt-ridden banks.