There have been mixed reactions to a study from the ESRI which says austerity could be coming to an end.

The opposition has given a guarded welcome to predictions. But Sinn Féin says the ESRI has a poor track record when it comes to predicting the future of the Irish economy.

The think-tank today says the government does not need to make any further spending cuts in order to meet the EU budget targets. It has forecast 3.5% growth this year.

But the Sinn Féin finance spokesman Pearse Doherty says the public should wait to see if the ESRI predictions become true.

The Social Protection Minister says it would be "foolish" to try and say whether Budget 2015 can be easier than first forecast. Joan Burton says full planning for the budget has not yet begun, and nobody can say whether further spending cuts will be needed.

Minister Burton says there is reason for optimism, but that it is too early to make predictions about how the budget will shape up.

While the Health Minister James Reilly says fiscal consolidation must continue despite the forecast.

Minister Reilly says the recovery is taking hold, but there is still a long way to go before fiscal tightening can be brought to an end.

And the Education Minister Ruairí Quinn has welcomed the ESRI forecast but says we should remain cautious: