One-size-fits-all European Union fiscal rules are constraining badly needed infrastructure investment in Ireland and creating an increasing problem for the bloc’s fastest growing economy, its finance minister said on Friday. Michael Noonan asked his euro zone counterparts on Monday to grant Ireland flexibility within the rules to ramp up capital spending, which ground to a halt during the financial crisis. Source Euronews
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The number of refugees striving for Europe has increased significantly in the countries south and east of the Mediterranean since the beginning of the year. This was reported by the “Bild” newspaper on Tuesday, citing a “Confidential” paper of the German security authorities. Source Diepresse
The European Central Bank warned there may be “excessive exuberance” in some European housing markets, driven in part by foreign buyers, that could spread to other areas in a “ripple effect.” Since 2010, house prices in European capital cities have risen far more than national averages, central bank said. Source Irish Times
The combined amount spent on the refugee crisis by the federal government totalled over €20 billion in 2016. Over half of the money was spent abroad aiming to stop the flow of migrants making the journey to Europe. Source The Local