Brussels, 02/12/2010 (Agence Europe) - The European Central Bank backs the economic and financial adjustment programme endorsed by the Irish government after talks with representatives of the European Commission, the ECB and the IMF (see EUROPE 10266). Speaking after the meeting of the ECB's Governing Council (see above) on Thursday 2 December, ECB President Jean-Claude Trichet said that the Irish programme contained necessary elements to encourage sustainable stabilisation of the Irish economy, dealing decisively with the economic and financial issues behind the current concerns on the markets and it will help restore confidence and ensure financial stability in the eurozone. He welcomed Dublin's pledge to introduce any further measures that might be needed to achieve the budget deficit reduction targets it has set. Ireland has announced a four-year austerity programme to shave €15bn off the deficit, to bring it back below the 3% of GDP mark by 2015. It sets out €10bn in reduced spending, €6bn of which will be introduced next year. Some €5 billion in extra tax income is forecast but the corporate tax rate remains unchanged at the lowest level in Europe (12.5%). The Irish government will unveil its draft budget for 2011 next week. Sparks are expected to fly. (M.B./transl.fl)