The President of the European Central Bank has stressed the importance for Ireland to meet deadlines and commitments in the steps it takes to fix its public finances.

Jean-Claude Trichet told reporters at a monthly press conference of the ECB, a video of which has been posted by RTE:

It is extremely important that the Irish Government takes all the appropriate decisions that would permit that highly credible path towards sustainability of the public finances.

Trichet added to this, saying that the announcement of a  four-year budget plan by the Irish Government, the details of which will be published next month, is “a very important declaration”.

He continued:

There are deadlines that have been mentioned by the Irish Government. Let me say that we are certainly considering that it is absolutely important that this commitment that has been taken is put into appropriate action.

The Irish Independent reports that the ECB governing council believe the multi-year budget plans “will strengthen public confidence in the capacity of governments to return to sustainable public finances, reduce risk premia in interest rates and thus support sustainable growth over the medium term”.