James Bannon (Longford-Westmeath, Fine Gael)
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Question 113: To ask the Minister for Finance his proposals to develop better tools within the euro zone for dealing with imbalances within member states. [11558/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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Within monetary union, imbalances within individual Member States can potentially undermine the credibility of the single currency, thereby raising borrowing costs for all. It is, therefore, in the interests of all countries to reduce imbalances. Appropriate income and fiscal policies as well as enhanced flexibility are some of the measures which can reduce imbalances and help to ensure a smoother functioning of monetary union. This is why this Government has pursued the policy of restoring sustainability and credibility to the public finances and continues to take the necessary steps to address our high cost position which has emerged in recent years.