Wednesday, 24 October 2001
Dáil Eireann Debate
175. Mr. Durkan asked the Minister for Finance the action he and his EU colleagues are taking to restore confidence and counter the negative effect of recent tragic events; and if he will make a statement on the matter. [25675/01]
Minister for Finance (Mr. McCreevy): At the informal ECOFIN in Liège on 21 September 2001, I and my fellow Economic and Finance Ministers issued a statement on the economic impact of the terrorist attacks on the US. The statement included a commitment to pursue sound macroeconomic policies and structural reforms, aimed at fostering growth, employment and competitiveness and maintaining price stability. The statement made clear that this together with the fall in inflation, recent tax reductions and favourable financing conditions will create conditions for a gradual strengthening of domestic demand in the EU as a whole.
In addition to the above statement, the Finance Ministers also announced in Liège a list of actions to combat the financing of terrorism, I will make a copy of both statements available to the Deputy.
As regards what we in Ireland can do, we need to remain committed to implementing the full terms of the Programme for Prosperity and Fairness in order to avoid any weakening of Ireland's international competitiveness. We must sustain investor and business confidence through continued responsible management of the public finances and ensure the full implementation of the national development plan which will help ensure that our infrastructure, both physical and human is able to meet the considerable challenges of the new economic environment post 11 September. I am confident that in the medium term, as the global economic environment recovers, we can achieve satisfactory levels of economic growth which will benefit us all.
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