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Fiscal Compact - Implications for Ireland

Author

Listed:
  • Weymes, Laura

    (Central Bank of Ireland)

  • Bermingham, Colin

    (Central Bank of Ireland)

Abstract

This note examines the longer term implications for Ireland of changes to EU budgetary rules embodied in the Fiscal Compact. On the basis of fiscal projections to 2015, it presents illustrative scenarios showing the on-going correction in the budgetary position post-2015 needed to support compliance with these new rules. Using a newly developed fanchart modelling approach, it examines the near-term uncertainty around future fiscal outturns, demonstrating the budgetary implications which could arise were growth to diverge from its currently projected path. The fanchart methodology demonstrates graphically the degree to which fiscal outcomes depend jointly on exogenous shocks and policy decisions.

Suggested Citation

  • Weymes, Laura & Bermingham, Colin, 2012. "Fiscal Compact - Implications for Ireland," Economic Letters 09/EL/12, Central Bank of Ireland.
    • Handle: RePEc:cbi:ecolet:09/el/12
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    File URL: https://centralbank.ie/docs/default-source/publications/economic-letters/economic-letter---vol-2012-no-9.pdf?sfvrsn=10
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    Cited by:

    1. Thorsteinn Thorgeirsson & Paul van den Noord, 2013. "The Icelandic banking collapse - was the optimal policy path chosen?," Economics wp62, Department of Economics, Central bank of Iceland.
    2. Kinsella, Stephen, 2019. "Visualising economic crises using accounting models," Accounting, Organizations and Society, Elsevier, vol. 75(C), pages 1-16.

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