council opinion februari updat ireland stabil programm council european union regard treati establish european commun regard council regul ec juli strengthen surveil budgetari posit surveil coordin econom polici articl thereof regard recommend commiss consult econom financi committe deliv opinion februari council examin updat ireland stabil programm cover period council note irish economi continu grow rapidli real gdp growth expect updat employ growth estim unemploy rate declin averag inflationari pressur intensifi averag hicp inflat rose upsurg price inflat partli due extern temporari factor expect fall gradual consum price index domest gener inflat increas hous price inflat remain high wage rise rapidli result strong econom growth project updat stabil programm improv budgetari situat exceed larg margin council welcom fact gener govern balanc remain substanti surplu estim gdp sharp reduct gener govern debt ratio achiev project period show averag surplu ratio debt ratio declin quarter gdp council welcom fact origin programm updat ireland fulli comfort fulfil stabil growth pact oblig period cover project gener govern surplu suffici year provid safeti margin breach gdp refer event normal cyclic fluctuat macroeconom scenario underli project assum gentl declin real gdp growth inflat period posit output gap estim trend gdp expect peak declin gradual context council consid stimulatori natur budget pose consider risk benign outlook term growth inflat portrai updat council consid budget main measur indirect direct tax cut substanti increas current capit expenditur pro cyclic council find give boost demand gdp suppli effect small short term aggrav overh inflationari pressur widen posit output gap strategi induc labour forc increas allevi direct tax burden recommend broad econom polici guidelin bepg respect labour market effect past place context expansionari budgetari polici tight labour market hamper attempt encourag wage moder direct tax cut indirect tax cut effect price level last effect rate inflat stimul demand monetari polici set euro area longer instrument nation level polici includ budgetari polici activ background council find plan contribut fiscal polici macroeconom polici mix ireland inappropri council recal repeatedli urg irish author recent broad guidelin econom polici ensur econom stabil mean fiscal polici council regret advic reflect budget develop indic increas extent overh council consid irish fiscal polici consist broad guidelin econom polici budgetari polici council decid opinion make recommend articl treati establish european commun view end inconsist council welcom fact updat address issu structur reform council note satisfact progress made area long term sustain public financ creation nation pension reserv fund end amount gdp council welcom continu effort enhanc qualiti public financ reform tax benefit system increas focu capit expenditur respons ireland infrastructur oj