Statement by the European Commission and the European Central Bank following the conclusion of the second post-programme surveillance mission to Ireland

Staff teams from the European Commission and European Central Bank (ECB) visited Ireland to carry out the second post-programme surveillance (PPS) mission on 17-21 November 2014. This was coordinated with the IMF's second post-programme monitoring (PPM) mission. The European Stability Mechanism also participated in the meetings on aspects related to its Early Warning System.

The economic situation has continued to improve in Ireland since the end of the EU/IMF-financial assistance programme, with the recovery broadening. The indications were that the general government deficit in 2014 was likely to turn out slightly above the authorities' most recent budgetary forecast of 3.7% of GDP, which is well within the original ceiling of 5.1%, and down from 5.7% of GDP in 2013.

The next PPS mission will take place in the spring of 2015.

• Primary Source

ESO: Background information: EU officials back Ireland's bid to repay bailout early http://www.europeansources.info/record/eu-officials-back-irelands-bid-to-repay-bailout-early/

ESO: Background information: EU urges Ireland to maintain austerity http://www.europeansources.info/record/eu-urges-ireland-to-maintain-austerity/

EUObserver, 22.01.15: Property boom returns to Ireland four years after crash https://euobserver.com/news/127320

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