Mick Wallace The #US and #EU are increasingly using #sanctions as a weapon against countries that don't bow to their financial i… https://t.co/qMbVI1XYfc
Mick Wallace How bad that the #EU of the so called 'European Values' has supported this Terrorism against the people of #Syriahttps://t.co/wRXMSubfYi
Mick Wallace Western Colonialism never really stopped, it just got a make over - It's now called 'Financial Imperialism'. Are we… https://t.co/KoMpQ69bBw
Mick Wallace RT @wallacemick: Would mean something for Irish people and the notion of 'Irish Neutrality' if Irish Minister for Foreign Affairs @simoncov
To ask the Minister for Finance in view of statements that our recovery will be export-led, the country’s financial situation is unlikely to improve until we deal more directly with the problems facing the domestic economy; and if he will make a statement on the matter. - Mick Wallace. For PRIORITY answer on Wednesday, 1st February, 2012.   REPLY As the Deputy is aware, over the last number of years, the Irish economy has suffered enormously, and by extension so too have the Irish people. The bursting of the property bubble has had severe adverse implications for the economy, the public finances and the banking sector and the fall-out has been exacerbated by a global downturn.   However, the Deputy should also remember that it was strong export-led growth which provided the basis for the original pick-up in economic activity in the early to mid-1990s. This is how growth in a small open economy such as Ireland’s should be driven and we are once again seeing evidence of that, with exports growing by over 6 per cent in 2010 and by 4½ per cent in the first nine months of 2011. This growth is broadening out into the indigenous export sector, with areas such as agri-food and tourism performing well. The growth in our exports reflects significant improvements in competitiveness, which are allowing us to trade our way to recovery. Indeed, economic growth has returned, with my Department projecting that last year saw real GDP growth of 1.0 per cent. As a result of the export-led recovery, the current account of the balance of payments has also returned to surplus, which shows that Ireland as a whole is once more paying its way – a crucial signal to investors. Evidence of Ireland’s enduring attractiveness as a location for Foreign Direct Investment, was underlined by the IDA’s recent announcement that a record number of new investments were won last year. This will underpin further export growth into the future.   While the economy is growing again, it will take time for export growth to feed through to the labour market and the domestic economy. Moreover, it will take households and firms time to work through the imbalances which had built up during the boom. The Government is acutely aware of the headwinds which the domestic economy faces in this regard. We have therefore taken a number of steps to support domestic activity and job creation, including the introduction of the Jobs Initiative shortly after coming into office and the structuring of Budget 2012 in such a way as to be as growth-friendly as possible. The Jobs Initiative is an important part of the Government’s overall strategy to establish the correct conditions to allow our domestic economy to recover, while at the same time respecting the requirement to return our public finances to a sustainable position. It should be viewed as one element of a wider strategy to support economic activity and will be followed up shortly by the Action Plan on Jobs which the Minister for Enterprise, Jobs and Innovation will publish.   The establishment of NewERA and the Strategic Investment Fund within the National Treasury Management Agency (NTMA), which the Government announced last September, is a further major initiative within the domestic economic sphere. The Government has also taken a number of steps to ensure there is sufficient credit available to business. In relation to tax-policy, I have also sought to support firms and encourage job creation through extending the three-year start-up relief scheme, improving the R&D tax credit scheme and replacing the Business Expansion Scheme with a new Employment and Investment Incentive.   While the Government is taking every step to support the recovery of the domestic economy, there is no quick-fix solution. We must continue to deliver on our commitments under our EU/IMF Programme and, in so doing, we will ensure that the Programme works for us. The challenges are substantial and this is why the Government has focused on three main priorities; restoring order to the public finances, repairing the banking system and restructuring the economy towards a sustainable growth model. We are on track to bring the deficit below 3 per cent of GDP by 2015, the banking system has been recapitalised and the economy returned to growth last year following three successive years of annual declines. In short, the Government is delivering a return to sustainable growth which capitalises upon the underlying strengths of the Irish economy.

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Namaleaks is a project that seeks to uncover possible injustice and poor practice related to NAMA (National Asset Management Agency) and financial institutions in Ireland.


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