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Image header Agence Europe
Europe Daily Bulletin No. 10760
INSTITUTIONAL / (ae) ireland

Dublin banking on recovery

Dublin, 09/01/2013 (Agence Europe) - Irish Prime Minister Enda Kenny is counting on EU recovery. In 2013, he is hoping to move from reacting and managing the financial crisis to economic recovery. He said that he wanted the Irish Presidency to be seen as one that was working to solve the crisis and being the guiding and driving force behind the recovery. During a press conference attended by his deputy prime minister and the president of the European Council, Herman Van Rompuy, Kenny said that Ireland would be giving 110% in its efforts to work with everyone for the good of all. Stating that Ireland was assuming the presidency at a time of many challenges, Van Rompuy underlined that, despite its difficulties, the country was a good example and had succeeded in, “fulfilling all its objectives and…currently creating a potential for growth and job creation”.

Directly involved due to the impact of the rescue plan for the Irish banking sector on its public debt, Ireland would like to make progress on the implementation of a single banking supervisory mechanism, a crucial stage in breaking the link between banking difficulties and excessive public debt. Kenny noted Ireland's specific situation and said that it should be taken into account by Eurogroup. He stated that his country's immediate priority was to move forward in the negotiations with the ECB on the cost of the national banking bailout with a view to reducing the country's debt. Alluding to technical and complex discussions, he did, however, express hope that these discussions would be rapidly concluded “before March”.

The European Council president said that “the situation is improving but there is still a lot to be done, among other things launching the banking union, breaking the vicious circle of banking crisis and sovereign debt, a new rule for CRD4 capital requirements”. He said, too, that for the time being there was no need to change the treaties to deepen EMU; “The few ideas that need changing in the treaties have not yet gained consensus”.

MFF. The Irish Presidency and Van Rompuy also discussed the importance of the Multiannual Financial Framework (MFF) for 2014-2020, which is due to be decided in spring, ideally in February, according to the president of the European Council. Once MFF agreement has been obtained at the Council, the Irish Presidency will have to begin negotiations on behalf of member states with the EP on more than 60 legislative texts linked to the financial framework. Ireland's deputy prime minister, Eamon Gilmore, said that the Irish role was complementary to that of Mr Van Rompuy: obtaining an agreement with the EP, then moving forward on the legislative texts.

Ireland is also emphasising youth employment. 29% of Irish youth are on the dole. Gilmore said that what young people wanted was to get the job, and that should be a priority for the Presidency. He referred to the single market, the single digital market, trade agreements, everything necessary for improving youth employment. Similarly to his prime minister, he described the high rate of youth unemployment in Europe as “unacceptable”. (CG/transl.fl)

Contents

INSTITUTIONAL
ECONOMY - FINANCE - BUSINESS
SECTORAL POLICIES
EXTERNAL ACTION