Liam Twomey (Wexford, Fine Gael)
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Question 11: To ask the Minister for Finance if he and other EU eurozone finance ministers have discussed using quantitative easing as a policy instrument to ease the effects that huge sovereign, corporate and non-corporate debt is having on some eurozone countries; and if he will make a statement on the matter. [9974/12]

Michael Noonan (Limerick City, Fine Gael)
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In the euro area, monetary policy – both standard and non-standard measures – is a matter for the European Central Bank, whose independence in this matter is enshrined in the Treaty. The issue of quantitative easing, therefore, does not fall within the domain of euro area Finance Ministers. A resumption of strong economic growth will be key to resolving the debt issues to which the Deputy refers. Although the focus in Europe over the past number of years has been on repairing the financial system and the public finances, these are not sufficient conditions for a return to economic growth. Recognising this, the European Council in January agreed further efforts to promote growth and employment in the Union.

The objective is to further modernise European economies and to strengthen competitiveness. The forthcoming Spring European Council will provide guidance on Member States economic and employment policies, putting emphasis on 'green' growth and on accelerating structural reforms in order to improve the growth potential and enhance competitiveness.