Ireland's newest think tank - the Nevin Economic Research Institute (NERI) - has proposed a new €15 billion stimulus and investment programme aimed at creating jobs, boosting demand and aiding economic recovery.
The ambitious proposal was outlined at the formal launch of the Institute in Dublin today.
NERI is a new, all-island think tank on economic policy that is funded by a number of trade unions affiliated to the Irish Congress of Trade Unions.
The Director of NERI, Dr Tom Healy described the investment programme as "a realistic prospect that could contribute significantly to economic recovery. Crucially, the programme of investment over five years will not add one cent to the Government debt or be an additional burden on the taxpayer.
"In reality, it could generate resources for the Exchequer through the creation of new jobs and by boosting domestic demand.
"The funds for the investment programme can be sourced from our own National Pension Reserve Fund; private Irish pension funds - most of whom have their resources invested overseas - and from the European Investment Bank (EIB)," Dr Healy explained.
He said NERI believed the investment should be targeted at areas such as broadband provision, water infrastructure, energy, early childhood education, and retrofitting of homes. In addition, the Institute also said that there should be a further £5 billion investment programme for Northern Ireland.
Details of the investment programme are contained in NERI's new, regular publication - the Quarterly Economic Observer.
NERI is currently staffed by four economists based in Dublin and Belfast. They are: Tom Healy (Director); Micheál Collins (Senior Research Officer); Rory O'Farrell (Research Officer); Paul Mac Flynn (Research Officer, Belfast)
Its mission is to help shape and influence "policy outcomes that have the greatest effect on the achievement of equity and fairness in the political economy on the island of Ireland."
www.nerinstitute.net
