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Ireland warned of economic issues
26 Feb 2015 19:07
High public and private debt levels are among the issues which require decisive policy action and specific monitoring in Ireland, according to the European Commission.
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The commission has decided 16 member states, including Ireland, are facing what it called "macroeconomic imbalances".
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The new college of EU commissioners, including Ireland's Phil Hogan, have sent what they call a "strong signal" to member states to carry out structural reforms and continue to consolidate their public finances.
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France and Germany have also been identified as having macroeconomic imbalances.
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In Ireland's case that translates as high levels of public and private debt, ongoing issues within the banking sector, in particular continuing losses, and high levels of unemployment.
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The commission has a six-step imbalance procedure by which it grades the severity of the macroeconomic issues facing each country, with one being the lowest and six the highest level on the scale.
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Ireland is currently at four, which is down from six over the past two years.
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The commission is more concerned with Italy and France, far larger economies, which are judged by the EU to be facing excessive imbalances.
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