Proposal for a COUNCIL IMPLEMENTING DECISION approving the update of the macroeconomic adjustment programme of Ireland
Date: 2013-06-11
Institutions: European Commission
Subjects: European Central Bank, International Monetary Fund, Ireland, balance of payments assistance, economic consequence, economic reform, economic stabilisation, euro area, macroeconomics, social impact

EUROPEAN 
COMMISSION 

Brussels, 11.6.2013  
COM(2013) 435 final 

2013/0206 (NLE) 

Proposal for a 

COUNCIL IMPLEMENTING DECISION 

approving the update of the macroeconomic adjustment programme of Ireland 

{SWD(2013) 212 final}

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EXPLANATORY MEMORANDUM 

Upon a request by Ireland, the Council granted financial assistance to Ireland on 7 December 
2010 (Implementing Decision 2011/77/EU). The financial assistance was provided to support 
a strong economic and financial reform programme aimed at restoring confidence in order to 
enable  the  return  of  the  economy  to  sustainable  growth,  and  safeguard  financial  stability  in 
Ireland, the euro area and the EU. 

In line with Article 3(9) of Decision 2011/77/EU, the Commission, together with the IMF and 
in liaison with the ECB, has conducted the tenth review of the Irish authorities' progress on 
the implementation of the agreed measures as well as of the effectiveness and economic and 
social impact of the agreed measures.  

Taking into account of intervened information, by proposal [insert reference] the Commission 
has proposed to amend Decision 2011/77/EU.  

An  additional  decision  is  necessary  following  the  entry  into  force  of  the  "two  pack" 
(specifically, Regulation (EU) No 472/2013) which also disciplines how policy conditionality 
underpinning  an  economic  adjustment  programme  is  to  be  modified.  Regulation  (EU)  No 
472/2013 applies to existing macroeconomic adjustment programmes that are in place as of its 
entry  into  force  which,  as  a  consequence,  requires  that  adjustments  follow  the  Article  7(5) 
procedure. 

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2013/0206 (NLE) 

Proposal for a 

COUNCIL IMPLEMENTING DECISION 

approving the update of the macroeconomic adjustment programme of Ireland 

THE COUNCIL OF THE EUROPEAN UNION, 

Having regard to the Treaty on the Functioning of the European Union,  

Having  regard  to  Regulation  (EU)  No  472/2013  of  the  European  Parliament  and  of  the 
Council  of  21  May  2013  on  the  strengthening  of  economic  and  budgetary  surveillance  of 
Member  States  in  the  euro  area  experiencing  or  threatened  with  serious  difficulties  with 
respect to their financial stability, and in particular Article 7(5) thereof,  

Having regard to the proposal from the European Commission, 

Whereas: 

(1) 

(2) 

(3) 

(4) 

(5) 

Regulation (EU) No 472/2013 applies to Member States already in receipt of financial 
assistance,  including  those  from  the  European  financial  stabilisation  mechanism 
(EFSM)  and/or  European  Financial  Stability Facility  (EFSF),  at  the  time  of  its  entry 
into force. 

Regulation  (EU)  No  472/2013  sets  rules  for  the  approval  of  macro-economic 
adjustment  programme  for  Member  States  in  receipt  of  such  financial  assistance, 
which  need  to  be  articulated  with  the  provisions  of  Regulation  (EU)  No  407/2010 
establishing  the  EFSM  when  the  concerned  Member  State  receives  assistance  both 
from the EFSM and from other sources. 

Ireland  has  been  granted  financial  assistance  both  from  the  EFSM  by  Implementing 
Decision 2011/77/EU on granting Union financial assistance to  Ireland  and  from  the 
EFSF. 

For  reasons  of  consistency  the  approval  of  the  update  to  the  macroeconomic 
adjustment  programme  for  Ireland  under  Regulation  (EU)  No  472/2013  should  be 
done by reference to the relevant provisions of Implementing Decision 2011/77/EU. 

In  line  with  Article  3(9)  of  Implementing  Decision  2011/77/EU,  the  Commission, 
together with the International Monetary Fund (IMF) and in liaison with the European 
Central Bank (ECB), has conducted the tenth review of the Irish authorities' progress 
on  the  implementation  of  the  agreed  measures  as  well  as  of  the  effectiveness  and 
economic and social impact of the agreed measures. As a consequence of this review, 
somes  changes  need  to  be  made  to  the  existing  macro-economic  adjustment 
programme.  

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(6) 

These  changes  are  contained  in  Decision  [insert  reference]  amending  Implementing 
Decision 2011/77/EU, 

HAS ADOPTED THIS DECISION:  

Article 1 

The measures specified in Article 3(10) of Implementing Decision 2011/77/EU to be taken by 
Ireland  during  2013  as  part  of  its  macroeconomic  adjustment  programme  are  hereby 
approved.  

This Decision is addressed to Ireland.  

Article 2 

Article 3 

This Decision shall be published in the Official Journal of the European Union.  

Done at Brussels,  

For the Council 
The President 

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