Bernard Durkan (Kildare North, Fine Gael)
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Question 161: To ask the Minister for Finance the extent to which the Ministers for Finance in each EU member State are in agreement on the issues of European economic, monetary or fiscal policy; if this is in line with the views of the relevant Commissioner; the extent to which a meeting of minds in this regard is likely in the near future; and if he will make a statement on the matter. [34818/11]

Michael Noonan (Limerick City, Fine Gael)
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The policies designed to address the euro area sovereign debt crisis were announced by Heads of State or Government on the 26th of October. The implementation of the policies in this strategy - known as the comprehensive strategy - is mostly a matter for Finance Ministers. In this regard, there is broad agreement that swift implementation will help instill confidence and underpin economic recovery.

In terms of addressing the root causes of the crisis there is a general agreement - and one to which the Irish Government subscribes - that the institutional architecture of the euro area needs to be enhanced, and work is progressing in this regard.

Bernard Durkan (Kildare North, Fine Gael)
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Question 162: To ask the Minister for Finance if there is agreement among the EU Council of Finance Ministers both within the eurozone and without on a strategy whereby each member State within the union undertakes specific responsibilities with a view to achieving economic recovery and stability in the financial markets; and if he will make a statement on the matter. [34819/11]

Michael Noonan (Limerick City, Fine Gael)
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As part of the comprehensive strategy agreed by Head of State or Government on 26th October, all euro area Member States expressed their determination to continue their policy of fiscal consolidation and structural reforms. The rationale for these measures is to underpin recovery and restore financial market confidence. Member States which are particularly vulnerable - such as Italy - have announced specific plans to help reduce financial market tensions and this is to be welcomed. In terms of the EU27, measures to improve the capital position of European banks and to improve their funding positions have been agreed. These measures are designed to ensure that the banking sector continues to support economic recovery in the EU.

Bernard Durkan (Kildare North, Fine Gael)
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Question 163: To ask the Minister for Finance the degree to which there has emerged a consensus throughout the European Union in respect of economic, fiscal or monetary issues; if there is a recognition that indecision and lack of clarity leads to a lack of confidence resulting in instability; the degree to which these issues are being addressed at the present time with particular reference to the urgent need for such focus; and if he will make a statement on the matter. [34820/11]

Michael Noonan (Limerick City, Fine Gael)
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It is important to realise the considerable progress that has already been made in terms of improving the functioning of the EU and the euro area in particular. Amongst other things we now have:

Ø The EU Semester;

Ø Strengthened surveillance via the so-called 'six-pack' of governance measures;

Ø Support for vulnerable economies via the EFSF and the EFSM;

Ø A permanent crisis resolution mechanism in the form of the ESM;

Ø The Euro Plus Pact to inter alia improve competitiveness; and,

Ø Strengthened financial regulation.

There is also the comprehensive package announced by the euro area Heads of State or Government on the 26th October. This, as you know, is essentially a five-point strategy involving:

Ø A credible solution to the Greek situation;

Ø Boosting the effective capacity of the EFSF;

Ø Recapitalising Europe's banks;

Ø Enhancing surveillance; and,

Ø Improving economic governance in the euro area.

Work is continuing on implementing these important decisions, which will help bring clarity and restore confidence.