CELEX: 52013PC0435
Language: en
Date: 2013-06-11
Title: Proposal for a COUNCIL IMPLEMENTING DECISION approving the update of the macroeconomic adjustment programme of Ireland

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		52013PC0435
		
			Proposal for a COUNCIL IMPLEMENTING DECISION approving the update of the macroeconomic adjustment programme of Ireland /* COM/2013/0435 final - 2013/0206 (NLE) */
			
				
		
		
			
			   	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.
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)       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.
(2)       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.
(3)       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.
(4)       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.
(5)       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. 
(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. 
Article 2
This Decision
is addressed to Ireland. 
Article 3
This Decision
shall be published in the Official Journal of the European Union. 
Done at Brussels, 
                                                                       For
the Council
                                                                       The
President