Economy
Budget watchdog warns EU fiscal rules a ‘disaster’ for Ireland
Success of EU reforms will depend on discipline in domestic budgets – which Ireland has lacked in recent years, said Michael McMahon
Ireland will be “flattered” by the European Union’s approach to budgetary rules in a way that could be disastrous for the Irish economy, the country’s budget watchdog has said.
New measures making their way through the European Parliament will see governments having to outline their net expenditure projections five years in advance, except in certain circumstances including a change in government.
Michael McMahon, acting chairman of Ifac, said that while the reforms were welcome, the ...