Richard Boyd Barrett (Dún Laoghaire, People Before Profit Alliance)
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Question 46: To ask the Minister for Finance if there are contingency measures being put in place in the event of an Irish withdrawal from the euro or a break up of the eurozone; if such contingencies might include discussions with non-eurozone countries and the printing of Irish punt; and if he will make a statement on the matter. [18610/11]

Michael Noonan (Limerick City, Fine Gael)
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The focus of Government is to work with our partners in the Euro Area and the broader EU to maintain and enhance the stability of the Euro. This is also the aim and intention of the wider international community including the IMF. Our actions support this. Financial support measures were put in place for Greece, and the European Financial Stabilisation Mechanism, (the EFSM), and the European Financial Stability Facility, (the EFSF), were established. The permanent stability facility – the European Stability Mechanism - was agreed at the European Council. In addition to this, economic governance in the Euro Area has been enhanced with measures such as the Euro Plus pact. The European semester – for budgetary and economic policy monitoring and co-ordination is already in operation. A further significant step that all Member States are taking is to ensure and enhance fiscal sustainability. That is why difficult decisions are being taken right across Europe by responsible Governments. Restoring growth potential and improving the public finances is the way forward. Suggesting otherwise is misleading.

All these measures are concrete evidence of the determination of the Euro Area members to protect the currency, and also of their willingness and ability to do so. It is in the nature of modern economies and financial systems that difficulties will arise from time to time. The appropriate response to such difficulties is to take the measures necessary to defend an institution that has served its members – the Euro Area Member states, including Ireland - very well. This is the approach that all major economies take – they defend their currency – they do not abandon it at the first sign of difficulty.

The recent votes in the Greek Parliament, which were difficult for all concerned, are to be welcomed. We look forward to working with our European partners, including Greece to develop and safeguard the Euro.