Returning to Economic Growth, May 2010

Returning to Economic Growth May 2010

Our plan for economic recovery is working ,[object Object],[object Object],[object Object]

Much has been achieved on the public finances ,[object Object],[object Object]

We have stabilised the deficit with decisive actions. EU Commission have endorsed our plan to reduce the deficit to 3 per cent by 2014. Budget balance (% of GDP) *Underlying 2009 General Government Deficit of 11.8% of GDP

We must retain our fiscal discipline and deliver €3 billion of adjustments in 2011 ,[object Object],[object Object],[object Object],[object Object]

We need to reduce spending further ,[object Object],[object Object]

Tax base needs to be broadened ,[object Object],[object Object],[object Object],[object Object],[object Object]

We have taken the necessary actions to solve the problems in the banking system ,[object Object],[object Object],[object Object],[object Object]

We are in t he ultimate phase in the resolution of our financial crisis ,[object Object],[object Object],[object Object],[object Object],[object Object]

Banks need additional equity capital to meet the new capital standards ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Getting credit to viable businesses, particularly SMEs. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Why are we supporting Anglo Irish Bank? ,[object Object],[object Object],[object Object]

Stabilising the economy and setting the seeds for renewed growth and new jobs ,[object Object],[object Object],[object Object]

Improving competitiveness will spur exports Unit labour costs (annual change in 2009, %)

Balance of payments is moving toward surplus Chart shows: current account of balance of payments (inc D/Finance forecasts)

Consumer confidence and spending are improving Consumer spending* Consumer confidence *Volume of core (excl cars) retail sales. 2005=100

Business confidence is improving Purchasing Managers’ Indexes

Our polices have boosted international confidence in our ability to recover ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]

Conclusions ,[object Object],[object Object],[object Object],[object Object]

Returning to Economic Growth, May 2010

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Returning to Economic Growth, May 2010