(17 July 2015) – The ex post evaluation of the economic adjustment programme for Ireland, carried out by the European Commission’s Directorate-General for Economic and Financial Affairs, concludes that the adjustment programme for Ireland was a broad success.
Yesterday, the European Commission published for the first time a study assessing a euro area financial assistance programme over its whole life span, from design to implementation, and final outcome.
The study confirms that the programme for Ireland consisted of appropriate measures and reforms to address the economic and financial challenges Ireland faced in 2010.
The report shows that the programme remained flexible and adapted to unexpected events, thus supporting the strong implementation of reforms. In particular, the report concludes that Ireland made significant progress on fiscal consolidation, repairing the financial sector, and returning to sustainable growth.
Consequently, Ireland regained access to financial markets at sustainable rates. Since the end of the programme in December 2013, Ireland has had the highest growth rates in the euro area; this year, the Commission forecasts GDP growth of 3.6%.