Dáil Éireann Debate, Wednesday - 1 February 2012
72 Deputy Bernard J. Durkan asked the Minister for Finance the steps he has taken, together with his EU colleagues, with a view to stabilising and synchronising the recovery of the various EU member states within the eurozone and without; and if he will make a statement on the matter. [5826/12]
Amharc ar fhreagraResolving the euro area sovereign debt crisis is a prerequisite for a return to sustainable growth, both in the euro area and in the wider EU. In this regard, we are now seeing concerted action to address the weaknesses that have become evident in the design of monetary union, including through the so-called ‘six-pack' of legislative reforms as well as the agreement on a ‘fiscal compact' to ensure fiscal discipline in participating Member States.
Another key policy response is the establishment of financial stabilisation mechanisms, to support Member States whose access to private capital markets is constrained and to help avoid difficulties in one Member State spreading to other euro area Members States.
It is also worthwhile to point out that EU leaders on 30 January committed to further efforts to promote growth and employment in the Union, including through a better targeting of available EU funds and further steps to complete the Single Market.
So, in summary, a number of positive steps are being taken to support recovery in both the euro area and the wider EU.
