Central Bank deputy governor Vasileios Madouros has said the Government should keep spending within the 5 per cent sustainability"rule". Stock photograph.
In an interview with The Irish Times, Mr Madouros, who is responsible for monetary and financial stability, highlighted the importance of adhering to the 5 per cent spending rule in October’s budget while the economy is running close to capacity in employment terms. The spending rule was an important “fiscal anchor” as the incoming EU fiscal rules were less relevant to Ireland because of the State’s exaggerated GDP numbers, he said.
However, he said the exposure of domestic banks to commercial real estate “was much smaller than it used to be”.
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