Cork-Belfast rail link earmarked in EC 'quickstart' plan

A €62bn plan to develop transport and research growth announced by the European Commission is set to benefit Ireland.

Among the list of projects given the green-light was a railway connection between Cork and Belfast.

The move comes as part of the EU’s attempt to stimulate economic growth among member states.

Work on the varying parts of the project – termed the "quickstart" list – is to begin almost immediately.

Earlier, today the European Central Bank hinted that it could do no more to stimulate economic growth in the region.

The ECB’s chief economist, Otmar Issing said borrowing costs had been very low for some time and there was now more optimism about an economic upturn.

Issing’s statement was interpreted as an indication that the ECB will not continue to cut interest rates on borrowing in the future.