Brian Cowen (Laois-Offaly, Fianna Fail)

Interest rate policy is exclusively a matter for the Governor of the European Central Bank. I do not speculate on such issues, for obvious reasons.

The European economy is experiencing a slight recovery, with a possible 1.2% growth this year. While that figure varies significantly from our experience, it is to be expected of the euro area. Unless evidence is found of second round effects with regard to recent oil prices, that recovery will hopefully be taken into account when the central bank considers this issue. I do not want to say anything that might suggest there will be any change to the current situation of extreme vigilance by the Governor of the ECB.

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