Speech: Commissioner Moscovici's introductory remarks at the Eurogroup press conference - Hoofdinhoud

We had also a good discussion this afternoon with Niels Thygesen, the Chair of the European Fiscal Board on the euro area fiscal stance for 2018.

What matters here is that we strike the right balance between putting debt on a sustainable path and supporting the recovery, which is strengthening but remains characterised by low inflation, limited wage growth and a persistent investment gap. That is why from my side, I think that speaking of "expansion" rather than "recovery" might be a little bit too early. We still have a demand problem. But that is not a theoretical debate, but obviously, our recovery is now strong and solid. And that calls for a neutral, broadly neutral fiscal stance in 2018.

What is key is that Member States design their fiscal policies in a way that reflects their specific situation.

That means that those countries which do not have fiscal space, and especially those that are still in the EDP, should proceed with fiscal consolidation at an appropriate pace, and in particular, they should comply with the relevant Council recommendations.

And it also means that those countries with fiscal space, those that have achieved or are indeed overachieving their Medium-Term Objectives, should use those resources to support demand and in particular investment. That's the way this broadly neutral fiscal stance could be and should be established.

I also presented very briefly today our latest Post-Programme Surveillance assessment of Ireland, together with the other institutions. Our overall message is that the outlook for the Irish economy remains bright, though there are of course some significant external risks. That is why it is as important as ever to pursue a prudent fiscal policy, and I believe the Irish government - I met this morning with the new Irish minister, Paschal Donohoe - is firmly committed to doing precisely that.