Dáil Éireann Debate, Thursday - 26 March 2026
217. Deputy Ken O'Flynn asked the Tánaiste and Minister for Finance the engagement undertaken at EU level regarding coordinated responses to energy price shocks, including any discussions on excise flexibility, VAT measures, or joint purchasing mechanisms. [23354/26]
View answerThe recent volatility in energy prices is an issue which my Government and the Governments of our fellow EU Member States take very seriously, both in terms of the impact on citizens, and the effect on European businesses and competitiveness more broadly.
At Eurogroup in Brussels on the 9th of March, I met with my fellow euro area Finance Ministers to discuss the impact of the energy price shocks on the European economy and some of the measures Member States are considering in this regard. Subsequently, at the European Council last week, EU leaders collectively called on the Commission to develop a toolbox of targeted and temporary measures which Member States can draw upon. We are all keenly aware of the need to stay coordinated in our actions and will continue to discuss the situation, including at another virtual meeting of the Eurogroup this Friday the 27th of March.
At the national level, I have engaged with my Cabinet colleagues and we have agreed to introduce temporary and targeted measures to mitigate the impact of the rise in energy prices. Our actions are in line with the approaches of other EU Member States. These measures will make a real difference to the households and businesses being placed under increased financial pressure as a result of the ongoing conflict in the Gulf and wider Middle East Region.
It is important to note that Ireland is approaching this challenge from a position of relative strength, with budgetary surpluses giving us the capacity to respond as needed to external shocks. This is a positive reflection of Government’s balanced approach to overall budgetary policy.
The measures will strike an appropriate balance between providing support to those most exposed, whilst allowing us to maintain our fiscal capacity for further interventions if needed. These measures will be in place for a defined period of time but the option to renew, extend or adjust will be determined as circumstances evolve.
