Mansergh: EU scrutiny of budgets heralds ‘new era’ for economic policy

FINANCE Ministers have agreed to a list of new rules for national budgets that will herald what Minister of State, Martin Mansergh, described as a “new era” for economic policy.

The issue of whether to spend money to stimulate the economy or consolidate by cutting back on government spending and debt would be decided among EU finance ministers in the future, he acknowledged.

“It’s not viable for us to go against the tide and all parties have to take account of that fact and those parameters. I am not sure to what extent that realisation has hit home,” he said.