Ireland is one of only five Eurozone countries whose budget will fall within European Union rules next year.

That is according to the European Commission, which has issued its opinions on all of the national budgets for 2015.

Ireland is alongside Germany, Luxembourg, the Netherlands and Slovakia as the only countries considered "compliant" with EU financial rules.

Estonia, Latvia, Slovenia and Finland are seen as being broadly compliant - with Belgium, Spain, France, Italy, Malta, Austria and Portugal at risk of non-compliance.

But Brussels has again warned that Ireland should be doing more to pay off its debts - and says more austerity measures should be prepared in case the economy slows down next year.

The Commission says: "The Commission invites Ireland to use the better-than-expected economic recovery to accelerate the reduction of the debt-to-GDP ratio."

"While current forecasts are consistent with a timely correction of the excessive deficit, more ambitious deficit targets for 2015 and 2016 would help to firmly bring the very high government debt-to-GDP ratio on a downward path."

It adds that Ireland has made some progress with the structural part of the fiscal recommendations issued by the Council.