The Minister for Finance will defy yesterday's unprecedented reprimand from EU member-states and may introduce another give-way Budget later this year.
Mr McCreevy staged an energetic defence of his economic policies at yesterday's meeting of EU finance ministers in Brussels.
But not one of his counterparts spoke in Ireland's favour, and a formal recommendation criticising December's Budget was adopted without a vote.
As Mr McCreevy was condemned by Fine Gael and Labour last night for leaving Ireland isolated in Europe, the Tanaiste, Ms Harney, insisted that fiscal matters were a concern for individual member-states.
She said spending on health, social services and infra structure needed to be increased and taxation reduced in the next Budget.
Mr McCreevy told his fellow ministers that the censure recommendation, which calls for higher surpluses and lower public expenditure, was unjustified.
"Neither I nor the Government, and the majority of economic commentators, believe that such a proposal is warranted. Nor is it, in my view, a proportionate or even-handed response," he said.
Speaking to journalists after the meeting, Mr McCreevy showed no sign of being prepared to change his economic policies. He said he wanted to ensure that the next three Budgets were as successful as the last three.
Dismissing fears that his defiant stance could create political difficulties for Ireland within the EU, the Minister said there was no link between yesterday's recommendation and other European issues.
"Over the past five years we have received no favours or special treatment from the EU. What we got we've got on our merits." Mr McCreevy said.
There was little sympathy for Mr McCreevy among EU ministers, and the German deputy Finance Minister, Mr Ciao Koch-Weser, hinted that last December's Budget was partly financed by transfers from Brussels.
The EU Economic Affairs Commissioner, Mr Pedro Solbes, declined to indicate what action the Commission would take if Mr McCreevy ignored yesterday's reprimand. Mr Solbes denied an accusation by Mr McCreevy that his officials had poisoned the atmosphere of the debate over Ireland's economic policies by leaking the text of the reprimand. The Commissioner said he would be watching how Ireland's economic policies progressed over the next few months.
Mr McCreevy rejected a suggestion that the Government's handling of the dispute had escalated the conflict with Brussels and said it was clear from the start that Ireland would be reprimanded.
The European Parliament will debate the censure of Ireland's economic policies in Strasbourg on Thursday.
Meanwhile, the British Chancellor, Mr Gordon Brown, accused the European Commission of getting it wrong yesterday after he, too, was warned to limit public spending so as to conform with EU economic guidelines. The Chancellor said he intended to continue with his investment plans.