Timmy Dooley (Clare, Fianna Fail) | Oireachtas source

I appreciate that the ambassador has updated the committee on the priorities for Lithuania's Presidency. I wish to concentrate on the issue of a banking union and the banking recovery and resolution agenda. The ambassador will be aware from a programme country perspective that we have been encouraged by the decision taken in June 2012 on the notion of breaking the link between the sovereign and bailing out banks. Clearly, however, a significant amount of work has to be done to resolve various issues before that comes to pass. I would like to get an idea from the ambassador about what timeframe is involved in getting to a point where the necessary architecture will be in place, so that once and for all we can say that the link between weak sovereign and weak banks is broken. To that extent, the burden will no longer be required to be borne by taxpayers in a potential bailout situation.

As regards strengthening the 2020 growth strategy, we all recognise that while much of our discussions during the Irish Presidency were about trying to resolve the financial crisis that has developed across Europe and elsewhere in recent years, we will hopefully at some point reach the end of that. It will only happen, however, when there are sustainable levels of growth. Has the Lithuanian Presidency set any growth targets it hopes to achieve across Europe by the end of the year?