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European Commission Directorate-General for Economic and Financial Affairs
Staff from the European Commission (EC), in liaison with the ECB, undertook the first post-programme surveillance (PPS) review for Ireland from 29 April to 2 May 2014. The mission was coordinated with the IMF's post-programme monitoring mission. The mission found that the positive trends of economic adjustment observed during the EU-IMF financial assistance programme have continued against the backdrop of an improving external environment and buoyant international financial markets. However, important issues remain regarding sustained economic growth, public finances and the banking sector.
This report by European Commission services provides a summary of the main findings of the mission and an overview of challenges faced by Ireland ahead. The most important challenges concern the high level of public and private debt, the substantial level of non-performing loans on banks' balance sheets and the elevated level of unemployment.
