{"id":1645,"date":"2021-07-15T11:26:10","date_gmt":"2021-07-15T10:26:10","guid":{"rendered":"https:\/\/www.socialdemocrats.ie\/summer-economic-statement-informed-by-antiquated-fiscal-rules\/"},"modified":"2021-07-15T11:26:10","modified_gmt":"2021-07-15T10:26:10","slug":"summer-economic-statement-informed-by-antiquated-fiscal-rules","status":"publish","type":"post","link":"https:\/\/www.socialdemocrats.ie\/ga\/summer-economic-statement-informed-by-antiquated-fiscal-rules\/","title":{"rendered":"Summer Economic Statement Informed By Antiquated Fiscal Rules"},"content":{"rendered":"<p><em><strong>Instead of a myopic focus on deficit reduction, the government must focus on deficits in infrastructure<\/strong><\/em><\/p>\n<p>The EU Fiscal rules are an anachronistic relic from an austerity era and must be reformed if Ireland\u2019s economy is to rebound as we emerge from the pandemic, according to Social Democrats Finance Spokesperson R\u00f3is\u00edn Shortall.<\/p>\n<p>\u201cThe Summer Economic Statement is informed by the belief that the EU Fiscal Rules, suspended during the pandemic, will apply from 2023. These rules are an anachronistic relic from an austerity-era and will constrain the ability of EU member States, including Ireland, to respond adequately to the once-in-a-century economic shock caused by the pandemic.<\/p>\n<p>\u201cRather than being resigned to defeat, Minister for Finance Paschal Donohoe should use his position, as Eurogroup President, to advocate for the reform of the fiscal rules.<\/p>\n<p>\u201cThe government\u2019s plan is predicated on reaching a headline deficit in the region of -1.5pc of GDP by 2025. Instead of a myopic focus on deficit reduction, the government must ensure that our significant and long-standing deficits in infrastructure \u2013 particularly housing \u2013 and public services are closed.<\/p>\n<p>\u201cThe Summer Economic Statement likens the government\u2019s economic policy response to building a bridge to recovery. However, there is a danger that if the government acts too quickly to reduce the deficit, it will undermine the foundations of that bridge &#8211; sabotaging the country\u2019s potential for sustained economic development into the future.\u201d<\/p>\n<p>15 July, 2021<\/p>\n<p>Ends<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Instead of a myopic focus on deficit reduction, the government must focus on deficits in infrastructure The EU Fiscal rules are an anachronistic relic from an austerity era and must be reformed if Ireland\u2019s economy is to rebound as we emerge from the pandemic, according to Social Democrats Finance Spokesperson R\u00f3is\u00edn Shortall. \u201cThe Summer Economic [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[88,7,264],"tags":[],"class_list":["post-1645","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-press-release","category-roisin-shortall"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - 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