Economic and Financial Affairs

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• Economic forecasts for Ireland
  
  The Commission publishes macroeconomic forecasts for the EU and the Member States twice a year, in the spring (May) and in the autumn (November). These forecasts are produced by the Directorate-General for Economic and Financial Affairs (DG ECFIN) and include a chapter on Ireland.
  
  
• Monitoring the budgetary situation in Ireland
  
  

  Assessments of Ireland’s stability programme
  
  As required by the Stability and Growth Pact, at the end of each year Ireland submits an update of the medium-term fiscal strategy it first presented in 1998. Euro area Member States submit stability programmes while countries outside the euro area submit convergence programmes. Based on an assessment by the Commission prepared by DG ECFIN, the Council adopts an opinion on each programme. All programmes of Ireland, the related Commission assessments and Council opinions, as well as the working documents containing expanded assessments prepared by DG ECFIN, can be accessed here.
  
  Ireland and the excessive deficit procedure
  
  Ireland is currently subject to the excessive deficit procedure (EDP) as specified in the Stability and Growth Pact. Based on the country's budgetary performance against the Treaty reference values of 3% of GDP for the general government deficit and 60% of GDP for the government debt, the Council decided in April 2009 that Ireland was in excessive deficit and set the deadline of 2013 to correct the situation. All documents related to the EDP for Ireland can be found here.
  
  
  Public finance report
  
  The Commission’s annual public finance report prepared by DG ECFIN – entitled "Public Finances in EMU" – includes a chapter on Ireland.
  

  
  
  
• Ireland and the euro
  
  Ireland is a member of the euro area. It adopted the euro on 1 January 1999. More information about the euro area can be found here and about the changeover to the single currency in Ireland can be found here.
  
  
• Ireland and economic policy coordination in the EU
  
  As part of the Lisbon Strategy for growth and jobs, Ireland presented its 3-year national reform programme (NRP) in 2005 and reports each autumn on its implementation. The Commission analyses all Member States’ reports in its Annual Progress Report (APR) and proposes, as appropriate, country-specific recommendations. All available reports can be accessed here (NB this Europa subsite is not maintained under the responsibility of the Directorate-General for Economic and Financial Affairs).
  
  
• Selected topics
  
  The Country Focus series produced by DG ECFIN provides a concise analysis, set within the broader economic and policy debate, of a topical economic issue concerning one or more Member State(s). Country Focus issues on Ireland are listed below, the most recent first.
  
  

  Ireland's housing market: bubble trouble (September 2008)
  
  Ireland: no place like (my own) home? (October 2006)
  
  The 'Celtic Tiger' learns to purr (November 2004)

  
  
  On 7 May 2008, the Commission adopted a Communication on "EMU@10: successes and challenges after 10 years of Economic and Monetary Union" (it was on 1 May 1998 that European Union leaders decided to launch the euro on 1 January 1999). The Communication, which takes stock of what has been achieved over the past ten years and makes proposals on the way forward, builds on an in-depth study by DG ECFIN. Both documents can be found on DG ECFIN’s EMU@10 website
  
  The EU Economy Review 2006 investigates how adjustment has been proceeding in the euro area and considers how the efficiency of adjustment could be improved in the coming years. Four aspects of the adjustment process are at the centre of the study:
  
  (i) shifts in the competitiveness of euro-area member countries;
  (ii) the impact of real interest rates on activity in member countries;
  (iii) the role of policies that affect the adjustment capacity; and
  (iv) an assessment of country experiences with adjustment.