Balance of payments still in Ireland’s favour

FRONT IRELAND SPORT WORLD BUSINESS OPINION FEATURES

Balance of payments still in Ireland’s favour

Monday, July 27, 2009

I BELIEVE it is important to point out that Ireland is still a net beneficiary from the EU annual budget.

Last year we contributed €1.7bn towards the EU budget and we received €2.16bn from the EU under the common agricultural policy, the European social fund, research and technology funding and for cross-border development initiatives.

This means Ireland is a net beneficiary from the EU to the value of €460m a year. In overall terms, we have received €62bn since joining the EU and we have contributed €21bn towards the EU budget over the past 36 years. This means Ireland has secured €41bn from Europe in net transfers since joining the EEC.

It will be a number of years yet before Ireland becomes a net contributor to the EU budget.

Pat (The Cope) Gallagher MEP
Leader
Fianna Fáil Group
European Parliament
Strasbourg

This story appeared in the printed version of the Irish Examiner Monday, July 27, 2009