EU fiscal rules will be relaxed for Ireland to deal with Brexit-like shocks, says commissioner

Valdis Dombrovskis says it is acknowledged Ireland will be EU state most affected

Patrick Smyth in Brussels
Valdis Dombrovskis, the European Commission’s senior economic vice-president is visiting Dublin to meet Ministers

Valdis Dombrovskis, the European Commission’s senior economic vice-president is visiting Dublin to meet Ministers

EU fiscal rules will allow Ireland to increase its investment programmes in the face of asymmetric shocks like Brexit, the European Commission’s senior economic vice-president,Valdis Dombrovskis, will tell Ministers on a visit to Dublin over the next two days.

The commission acknowledges that Ireland will be the member state most dramatically affected by Brexit, he told The Irish Times, and preparation is “essential”. But “there are current fiscal rules, for example the so-called “investment clause”, which allows member states temporarily to deviate from the adjustment paths of their medium-term budgetary objectives to increase EU co-financed investment. So Ireland, for example, can make use of this clause”.

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