The Irish Government is coordinating closely with the EU, as well as with colleagues across the national system and across the world, in the wake of the ongoing energy crisis.
At the Eurogroup meetings in March I met with fellow EU Finance Ministers to discuss the energy price shock, and the measures Member States were implementing in response. Member States are in firm agreement on the need to stay coordinated in our policy action and to continue to jointly monitor the situation as it develops. The Minister for Climate, Energy and the Environment is also engaging with his EU colleagues in this regard.
At the European Council in March, An Taoiseach joined EU leaders in calling for the European Commission to develop a toolbox of targeted and temporary measures which Member States can draw upon. The Government is open to EU proposals which will address the impact of the energy crisis on electricity markets in a coherent and proportionate way, having regard to the lessons learned from the 2022-2023 energy crises.
At the national level, we have introduced temporary and targeted measures aimed at mitigating the impact of the rise in energy prices, in line with the approach of many other Member States. This action will help alleviate the strain of increased costs for Irish households and businesses.
We are approaching this challenge from a position of relative economic strength, having conserved the necessary fiscal space to respond as needed to external shocks. The measures we have taken will allow us to support those most exposed, whilst maintaining the capacity for further interventions if needed, in the context of a volatile and evolving international situation.