Bernard Durkan (Kildare North, Fine Gael)
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Question 58: To ask the Minister for Finance if he is satisfied that his EU colleagues, both within the eurozone and without, are conscious of the need to adopt a cohesive, supportive and united approach in dealing with the ongoing economic, fiscal and monetary difficulties throughout the Union; if it is recognised that confidence in the markets will most likely improve when it becomes obvious that the European Union in its entirety has a responsibility to address and resolve any issues affecting such confidence; if due recognition has been given to the potential strength of a single market of the magnitude of the European Union; the extent if any to which strategies have been put in place or are likely to be put in place to capitalise on this strength; and if he will make a statement on the matter. [34426/11]

Michael Noonan (Limerick City, Fine Gael)
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Firstly, I would like to stress 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:

The EU Semester;

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

Support for vulnerable economies via the EFSF and the EFSM;

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

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

Strengthened financial regulation.

These are all important developments and demonstrate that the EU can unite and work in the interests of all. To me this shows that the European Union can make significant decisions and progress that not so long ago would have been seen as almost unthinkable, and I take a lot of encouragement from this.

In addition there is the comprehensive package announced by the euro area Heads of State or Government on the 26th October. This is essentially a five-point strategy involving:

A credible solution to the Greek situation;

Boosting the effective capacity of the EFSF;

Recapitalising Europe's banks;

Enhancing surveillance; and,

Improving economic governance in the euro area.

Work is continuing on implementing these important decisions, and this is how market confidence will be improved. It is in all of our interests that we move forward as rapidly as possible in that regard.

Finally, it is worth pointing out that euro area Heads of State or Government have stated on a number of occasions that they will do whatever is necessary to preserve financial stability in the euro area.