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Economic models must lead to the people's welfare: Irish president

Xinhua, January 27, 2015 Adjust font size:

"I have no doubt about the need for the plurality of economic models; I think the test has to be the welfare of the people," President of Ireland Michael Higgins said in responding to a question about Ireland's economic success from Xinhua during a press conference at the Council of Europe on Tuesday.

The Irish president spoke following a bilateral meeting on Tuesday morning with the president of the Parliamentary Assembly of the Council of Europe (PACE), Anne Brasseur.

Despite recent strong economic gains, Ireland still holds a substantial debt, with Ireland's National Treasury Management Agency (NTMA) figure for outstanding government debt at 209.70 billion euros (about 236.79 billion U.S. dollars) by the end of June 2014. This means recent speculations about re-negotiations on national debt by the newly-elected Greek Prime Minister Alex Tsipras, are of particular interest for Ireland and its creditors.

"Ireland's position is, of course, affected by the conditions in the eurozone, in the wider European Union, and the global economy," President Higgins said, while remaining committed to international cooperation.

"Ireland is very much involved in the future of Europe, we are a union, we believe in the mutual welfare of all of the citizens of Europe."

"On the financial side of it, circumstances have gone very much easier for Ireland," the president said, "but to be using it rhetorically would, I think, be a great mistake."

Recent estimates suggest the Irish economy grew between 3 to 5 percent in 2014, with the NTMA reporting the country experienced the highest gross domestic product growth in the eurozone last year.

Unemployment figures are also down, suggesting Ireland's austerity program, in place since the beginning of the financial crisis in 2007, is having success.

"I think the Irish figures are very promising in terms of their impact," the president said, but he remained cautious about the future. "The Irish government has said that it doesn't view the current unemployment figures as satisfactory; it needs to have further achievement." Enditem