merrion street

Taoiseach Enda Kenny today addressed the IBEC CEO conference in the Convention Centre, Dublin.

The Taoiseach said:

All of our predecessors, whether in politics, business, or simply a citizen, have played their role in the development of the modern day European Union.

It can be easy to forget the scale of their achievements. 27 separate member states working together. A dynamic marketplace of over 500 million people. And European business using the Single Market as a springboard to global success.

It is quite a legacy. And now it falls to all of us to ensure that this grand exercise in European co-operation and economic development continues to prosper so we can pass the baton to the next generation.

The experience of the past few years has shown that this is a constant challenge, requiring enduring vigilance and attention.

The Taoiseach spoke about European recovery:

Ireland, like many countries in Europe, has experienced an unemployment shock in the past few years from which we have yet to recover from.

We cannot allow economic recovery to be a jobless recovery.

Similarly European recovery has to address the huge unemployment problems experienced across the Union.

Our citizens rightfully expect us to show leadership to get the economy moving again, to help businesses grow and to get people back to work.

We must now show leadership to transform the way we do business, to build a sustainable future for both business and our citizens.

The Taoiseach continued:

It has been a tough few years for all of us, but it has been especially challenging for Ireland.

I’m glad to say that significant progress has been made in dealing with the many legacy problems that were left by previous administrations.

Over the past two years we have worked hard to bring a new level of stability to our economy and politics which is now allowing us to focus on the main challenge of getting Ireland working again.

I am pleased to report that we have made significant progress in tackling one of the other major challenges which we face domestically – our debt level.

Ireland has successfully completed the process whereby we are replacing short-term, emergency Central Bank lending secured against Promissory Notes with longer-term, more affordable financing.

We are implementing a very challenging budgetary adjustment of about 20% of GDP over the period from 2008 to 2015, with most of this already achieved.

We remain firmly committed to bring down our deficit level to below 3% by 2015. We see this as a prerequisite for new jobs and investment.

This week saw the conclusion of pay talks with public service unions on the task of finding an additional €1 billion of savings from the pay and pensions bill of public servants.

The pay and pensions bill accounts for 35% of total public spending. In the context of the additional €3 billion in spending cuts required by 2015, this contribution from payroll is absolutely fair.

Implementing these savings by agreement with public service staff would be another big step on the road to economic recovery, and would send out a signal to the world that the Irish people are determined to fix our economic problems and restore the country to prosperity and full employment.

But we also need the continued assistance and co-operation of our European partners to implement the decisions of the European Council to break the vicious circle between banks and sovereigns.

We need to see continued leadership and determination to see these decisions are implemented which will play a big part in restoring confidence in Europe’s banking sector.

The Taoiseach spoke of EU trade with the US:

 I was particularly pleased to see President Obama recognise the potential of EU-US trade in his State of the Union address. I will meet with President Obama when I visit Washington next month.

I will work with our partners to ensure that the mandate for those negotiations can be completed before the end of our Presidency.

A Transatlantic Trade and Investment Partnership would create new opportunities for exports, for investment and for jobs.

The Taoiseach concluded:

As you continue with your conference today I am confident that the most troubled economic period of the recent decade is now behind us.

For Ireland, our phased return to the bond markets which began last year is continuing and the international markets have responded positively to the Promissory Notes outcome.

With renewed confidence and belief in ourselves I have no doubt that will we collectively overcome the current economic challenges before us.

That European business will remain the global standard for excellence.

That European politics will remain an inspiration for international co-operation.

And that Europe itself will remain a peaceful and prosperous land.

This will be a worthy legacy to leave to our following generation.