Michael Noonan (Limerick City, Fine Gael)

With regard to quantitative easing, if the issue is raised privately rather than publicly with central bank authorities in Europe, they will indicate there is no debate and it is not done. The argument is that one of the biggest problems in Europe now is too much liquidity, and as I noted in my preliminary remarks, one of the solutions is to de-leverage and take the liquidity from the system. It would be reasonable to argue that excess European liquidity triggered the Irish property bubble because on the wholesale market it was possible to access money at very low interest rates. The banks, such as Anglo Irish Bank, sucked in money on the inter-bank market and used it for speculative purposes. The process was fuelled in such a fashion.

I understand the Deputy's comments and there must be a solution at some point where Europe must grow again. It will need resources to do so and that must be part of the solution.

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