Press Release: Commission reports on economic and budgetary developments in Ireland

The European Commission adopted on 23 October 2001 a report to the Council on the economic and budgetary developments in Ireland in 2001. Unexpected developments, like the crisis in the agricultural sector and the world economic slow-down, are slowing down the economy considerably and thereby reducing inflationary pressures. Moreover, the implementation of the budget in 2001 has kept expenditure under control. Much of the force of the inconsistency addressed in the Recommendation between the Irish budgetary plans and the goal of economic stability have therefore been reduced. Despite these developments overheating is diminishing very slowly and underlying inflation still persists. Continued vigilance in the preparation of the 2002 budget is therefore justified.

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