Plotting course for the future
Published 31/07/2010 | 05:00
IT comes as no surprise that the Central Bank's message to the Government is much the same as that of the International Monetary Fund (IMF) a couple of weeks ago. The bank's forecast for growth in the economy is also in line with the IMF's predictions -- less than one per cent this year, but about 2.2pc next year.
However, while the IMF told us we were paying ourselves too much money and that further cuts may be necessary, the Central Bank begs to differ, although it urges pay restraint.
Interestingly, the Central Bank also repeats the IMF calls on the Government to provide more information about its budgetary intentions. It needs to spell out and be clear about the cuts planned in this year's Budget and those up to 2014, says the bank.