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Statement by the Eurogroup on Ireland

EU News 470/2013

14 November 2013

We examined today the twelfth and final review of the Irish adjustment programme. We concurred with the Commission, the ECB and the IMF that the programme remains on track and that sovereign yields have now normalised.

We congratulate the Irish authorities for the successful implementation of the programme. The very good work done thus far in terms of fiscal consolidation and structural reforms are allowing Ireland to return to a path of sustainable growth and job creation, as evidenced by the nascent economic recovery, declining, although still high, unemployment and improving business confidence.

We fully support the Irish government's decision to exit the programme without requesting any successor financial assistance. After an impressive turnaround, favourable financing terms demonstrate the regained trust of investors in the Irish sovereign. On the back of decisive financial sector repair, the overall health of the Irish banking sector has also significantly improved and Irish banks have enjoyed better funding conditions and improved market access.

Source and additional information:

Mario DRAGHI, President of the European Central Bank; Michael NOONAN, Minister for Finance of Ireland; Pierre MOSCOVICI, Minister of Economy, Finance and Foreign Trade of France; Olli REHN, European Commissioner in charge of Economic and Monetary Affairs (C)EU, 2013 URL