Bloomberg the Company & Products

Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Irish Government Should Stick to 2014 Planned Savings, ESRI Says

Don't Miss Out —
Follow us on:

July 10 (Bloomberg) -- The Irish government should stick to its plan for 3 billion euros ($3.8 billion) of savings in its budget for next year as the risks from easing up on austerity soon are too high, according to the Economic & Social Research Institute.

“The price of easing off too early if you get it wrong is very high,” said John FitzGerald, a research professor at the Dublin-based think tank, at a briefing for reporters on the publication of its report on the Irish economy to 2020. The disadvantage from being “tough” next year is “relatively small,” he said.

The ESRI today outlined three potential scenarios for the Irish economy to 2020: a recovery scenario, delayed adjustment scenario and a stagnation scenario. In the recovery scenario based on a return to growth in the European Union, the ESRI sees no more government expenditure cuts from 2015.

By contrast, in the stagnation scenario where the EU experiences little or no growth to 2020, Ireland would need to continue with “tough budgets to 2020” even as the nation’s debt level remained high and the economy vulnerable to shocks.

FitzGerald said the ESRI was uncertain which scenario was most probable.

To contact the reporter on this story: Finbarr Flynn at

To contact the editor responsible for this story: Douglas Lytle at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.