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Government efforts to convince the European Commission to allow greater flexibility in putting together the next budget have been handed significant backing from the IMF.

It rowed in behind Finance Minister Michael Noonan’s claims that further flexibility should be afforded to Ireland as the EU’s budgetary rules begin to apply to the country from the next budget onwards, following the bailout exit.

Earlier this month, Mr Noonan said he was committed to adhering to EU rules but did not want to be derided by his electorate and was asking the commission for room to manoeuvre in the application of the rules.

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The impact of asset purchases by the European Central Bank is visible in the euro-area economy, according to Governing Council member Erkki Liikanen.

“Monetary-policy decisions and the measures taken have already had a clear, positive impact on the economic outlook” said Liikanen, who also heads the Helsinki-based Bank of Finland, yesterday.

“The ECB is committed to delivering on its primary mandate: price stability,” he said.

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The construction industry’s rebound is set to deliver growth of up to 15% this year and talk of a bubble is premature, according to a leading construction sector consultancy firm.

The strong growth patterns of the past 12 months are likely to continue this year with growth accelerating as a result, AECOM predicts in its annual review.

This strong pick-up will deliver growth of 12% to 15% following a rise in volume of 12% last year.

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The Irish economy will post another year of strong growth in 2014 on the back of more robust levels of investment, combined with a recovery in domestic consumption, according to the ESRI’s spring quarterly economic commentary, which was launched yesterday.

The ESRI forecasts GNP to grow by 4.1% in 2015 and by 3.5% in 2016. GNP is considered a more accurate reflection of the domestic economy, as it strips out the effects of multinationals. GDP, which includes the effects of the multinational sector, is to grow by 4.4% this year.

Ireland was the fastest growing economy in the EU last year, with a GDP growth rate of 5.2%.

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Eurozone businesses ramped up activity this month as the European Central Bank started printing money to spur economic growth, while a slowdown among Chinese factories fuelled expectations of more monetary stimulus.

US manufacturing activity growth also edged up despite a stronger US dollar and the threat of an interest rate rise from the Federal Reserve later this year.

The eurozone Composite Flash Purchasing Managers’ Index (PMI) from data vendor Markit, based on surveys of thousands of companies and seen as a good growth indicator, jumped to a near- four-year high of 54.1 from February’s 53.3.

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We have the fastest growing economy in Europe and there may be clear signs that the recovery is bedding in. To top that, it appears that we are among the happiest in Europe.
After years of crisis, rising unemployment and harsh austerity policies, citizens across the European Union were asked a simple question: Overall, how satisfied are you with your life these days?

The data dates back to 2013, and the results varied significantly between member states.

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European stocks headed toward their highest level since 2000 after the Federal Reserve said data indicated economic growth has moderated, fueling speculation it won’t be in a rush to raise interest rates.

All 19 industry groups on the Stoxx Europe 600 Index advanced, led by miners.

BHP Billiton added 1.9 per cent, and Rio Tinto Group gained 1.4 per cent as industrial metals traded higher.

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One-in-four Irish workers are earning less than the living wage threshold with female employees the worst affected, according to a study conducted by the Nevin Economic Research Institute.

The report found that 345,000 employees are on less than €11.45 per hour with female employees accounting for 60% of the total.

Some 30% of the Irish workforce earns less than €12.20 per hour, which is the EU low-pay threshold.

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Multinationals will no longer be able to avoid paying tax by playing one country off another, under new rules drafted by the European Commission.

Every three months, EU countries will be compelled to send one another outlines of any special tax deals they have agreed with cross-border companies.

Countries can then ask for additional details to see if the agreement has implications for them.

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A powerful and positive dynamic is underway in the economy.

It offers the prospect of improving conditions for employees and citizens across the State but must be considered against the backdrop of our experience through the great global financial crisis during 2008-10.

The good news first. Irish economic momentum is picking up. You can see it anecdotally on the roads as traffic levels recover but the statistics are even more telling. GDP is growing, unemployment is falling, and most sectors of the economy are expanding.

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