Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

Yes, the general position is central to what I was saying to Deputy Dara Murphy, that it is in that space. If one does not correct problems within one's own control, I am speaking as a European rather than Ireland, then the markets will correct it. What will happen is that the euro will strengthen for the point against competitive currencies which will make costs very dear in Europe and reduce exports. It is quite complicated and the impact would differ from sector to sector in individual economies.