EU: Ireland's outlook continues to improve

The European Commission and the European Central Bank (ECB) said on Friday the outlook for Ireland has continued to improve since the conclusion of international financial assistance program. The Commission and the ECB issued a joint statement following the first post-program surveillance (PPS) mission to Ireland on April 29 to May 2. "Against the backdrop of a general decline of sovereign yields, demand for Irish assets from private investors is high as the authorities are resuming normal market borrowing," said the statement. After three years of being supported by the European Union (EU) and International Monetary Fund, Ireland leaved the bailout package last December and has become the first stricken eurozone state to exit its rescue program. The statement said Ireland's economic recovery and the decline in headline budget deficits continue, while structural and financial sector reforms advance. The statement also noted that high public and private sector indebtedness weigh on the speed of the recovery, especially of private consumption. The next PPS mission will take place in late 2014.