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Tuesday 2 September 2014

Finance Minister: €2bn adjustment in the Budget won't be necessary

Colm Kelpie in Luxembourg

Published 19/06/2014 | 15:19

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Finance Minister Michael Noonan is expected to speak to the media today. Photo: Tom Burke
Finance Minister Michael Noonan is expected to speak to the media today. Photo: Tom Burke

A €2bn adjustment in the Budget won't be needed, Finance Minister Michael Noonan has said.

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The minister reiterated that economic data was showing that a crucial deficit target can be met through less austerity.

Ahead of a meeting of eurozone finance ministers in Luxembourg, Mr Noonan said the European Commission and International Monetary Fund (IMF) were looking at economic projections based on old data.

''There's data coming through now, some of it soft data, some of it anecdotal, which seems to me that we would not require that level of adjustment,'' he said.

''But I'm not in a position to say yet how much leeway we will have. There's no difference in the policy position between what I'm saying and what any of the institutions are saying. Whatever it takes to get below 3pc we'll do that. But I no longer believe it will be €2bn.''

The Fiscal Advisory Council and IMF has said the Government should stick with the planned €2bn, while the Commission has suggested more than that should be done.

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