Bernard Durkan (Kildare North, Fine Gael) | Oireachtas source

I thank the guests for their appearance before the committee. Arising directly from Mr. Leandro's address, can he indicate the extent to which he expects eurozone countries to reduce progressively current borrowing, that is, their budget deficits? Are all countries progressing satisfactorily and what does Mr. Leandro perceive to be the benefits accruing therefrom? In addition, with regard to total debt among eurozone states, to what extent does the Commission remain satisfied as to the ability of each state to continue to reduce its overall debt in line with projections and expectations? To what extent does the Commission envisage the total debt in each country within the eurozone will reduce and as a consequence, what will be the eurozone average reduction? I am conscious of the average at present within the European Union, within the eurozone and in Ireland, as well as the progress made and the progress that still remains.

My final point relates to the ability of each state within the European Union to avail of the kind of conditions Mr. Leandro has outlined and to increase its productivity, competitiveness and economic growth in the knowledge that at present, there is a huge disparity in the growth and development of individual member states. Remarkably, this State has the highest growth rate in Europe at present, as well as one of the highest rates in the world. What difficulties or obstacles does Mr. Leandro perceive to be preventing some European states from availing of extraordinarily low interest rates and capitalising on them as a means of creating jobs and reducing numbers on the live register?