Enda Kenny (Mayo, Fine Gael)

I believe it would be possible to achieve a banking union more quickly than a fiscal one. I agree with Deputy Ross that these are not easy times for anybody. To echo Deputy McDonald, there is no comfort in what is now unfolding and requires to be dealt with. The Spanish Government made its request for €100 billion of assistance in respect of its banks and will continue to pay over 6% on money to fund its deficit. These are extraordinary times. The second run-off of the French election takes place next week. The Greek elections speak for themselves.

I believe that a banking union could be achieved in a far shorter time than that stated by the President of the Commission. The issues of monetary and fiscal union are much longer term projects. The problem is a banking crisis within the eurozone which requires a European answer. I set out in my letter to all the leaders that these are the issues which should be focused on, considered and decided politically by leaders of the European Union.

I cannot speak for what happens in the elections in Greece. The vast majority of Greek citizens want to remain in the euro. It is not the intention of any country in the European Union or eurozone to have Greece removed from it. That decision will be made by the Greek people when they vote. The French electoral process is continuing. Prime Minister Monti has already signalled his grave anxiety and concern about the scale of the problem in the Italian economy which is of more than €1 trillion and the extent of changes which he has brought about since his appointment as Prime Minister. These are all matters that are the every day focus of European Governments. That connection is being maintained from an Irish point of view also.

Deputy Ross will be well aware that the outcome of the Greek elections will bring about its own conclusion. The scale of what is involved in the Spanish banks will also become apparent when the full analysis is published. All of these matters will require serious and expeditious reflection by European leaders and decisions made at political level to deal with them.

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