McGrath to update Cabinet on new EU fiscal rules

March 21, 2024

Minister for Finance Michael McGrath will update Cabinet this morning on new EU fiscal rules which will require every member state to publish their net expenditure plans for the following four to five years.

The rules could be in force as early as May, after which the 27 members of the EU will not be permitted to deviate from their budgetary plans – except in very limited circumstances.

Mr McGrath believes these new fiscal rules will have significant implications for budget policy formulation in Ireland.

Currently, the focus is on a one-year timeframe, but the new rules will require more country specific, medium-term budgetary plans.

It means each member state will have to publish their net expenditure plans for the following 4 or 5 year.

Once the net expenditure plans are finalised, a country cannot deviate from them, although flexibility will be granted should there be a change of government.

In the event of a dramatic economic downturn it is also open to relax the rules, with the agreement of the European Commission.

While negotiations on some of the finer details are ongoing, Mr McGrath expects the measures will come into force as early as May.

2024 summer programme

Meanwhile, Minister for Education Norma Foley will update Cabinet on the rollout of the 2024 summer programme.

This involves schools providing activities and excursions for children with complex special educational needs, and those at risk of educational disadvantage, during the summer months.

Around €40m was secured in Budget 2024 for the summer programme.

Last year, more than 50,000 children from over 1,400 primary and post-primary schools participated.

Article Source – McGrath to update Cabinet on new EU fiscal rules – RTE

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