Sunday 25 March 2018

Noonan welcomes EU scrutiny by Brussels

Michael Noonan is confident Ireland does not need an 'overdraft'.
Michael Noonan is confident Ireland does not need an 'overdraft'.
Colm Kelpie

Colm Kelpie

Finance Minister Michael Noonan has said post-bailout ''surveillance'' will not be akin to the troika visits but he welcomed greater scrutiny by Brussels of countries across the Eurozone.

Under new European budgetary rules, countries leaving a bailout will be subject to extra attention until at least 75pc of the money owed is repaid.

The head of the group of Eurozone ministers, Dutch Finance Minister Jeroen Dijsselbloem, said Ireland would be subjected to ''intensive surveillance'' twice a year, but this would involve monitoring as supposed to new measures being imposed.

''It wont be like a troika visit and you'll be going down the wrong road if you were presenting this as surveillance outside of the ordinary,'' Mr Noonan said.

''Obviously there are commitments we have made which we will have to fulfil. There's a commitment to additional surveillance... but beyond that, the European semester is putting all European countries in the position of reviews.

''It's to underpin the currency and I think it's a very good idea because the European authorities don't want a repeat of what happened, we don't want another euro crisis and they want to be in a position to intervene in any country that has the euro as its currency.''

Online Editors

Business Newsletter

Read the leading stories from the world of Business.

Also in Business