Tuesday 24 October 2017

IBEC: EU-wide plan needed to address challenges

IBEC, the group that represent Irish business, has said that a comprehensive EU plan is needed to address the serious economic challenges that remain in Europe.

The group said key meetings this month would determine the EU response to the crisis and highlighted the need for an incoming government to immediately get to to work to ensure Irish concerns are addressed.

Speaking after a series of meetings with key officials in Brussels yesterday, IBEC Director General Danny McCoy said: "The EU had spent too long playing catch-up, a definitive solution is urgently required.

"The cross-border nature of the Eurozone financial system and the connection between the fiscal and banking crises demand a stronger and coordinated EU-wide response. Europe needs to deal with these interconnected problems once and for all.

"A definitive solution is needed to contain and resolve banking and debt problems in Europe. Such a deal is very much in Ireland's interest, but it is also in the wider economic interest of the EU. Failure to agree on a comprehensive package will dent confidence and exacerbate the problem.

"The incoming Irish government must work in cooperation with our European partners to reach a mutually beneficial solution. It is in Europe's interest that Ireland is on a sustainable route to recovery."

On the issue of a common consolidated corporate tax base (CCCTB), Mr McCoy said: "CCCTB would create significant uncertainty for businesses in relation to tax liabilities. Despite its laudable intent, the proposal would make the EU a less attractive location for foreign investment.

"CCCTB would not be positive for European business or for the EU as an investment location."

Also in Business