Micheál Martin (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if he supports the proposals of Prime Minster Monti regarding the best way to deal with the eurozone crisis; and if he will make a statement on the matter. [33232/12]

Michael Noonan (Limerick City, Fine Gael)
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I can voice broad agreement with a number of PM Monti's more commonly known views and proposals. Generally speaking, I share PM Monti's view that the problems besetting the euro area are solvable and that cohesive action can reduce the cost for all. The market reactions to the June 29 HoGS statement clearly show that markets believe this also. During their meeting in Rome, both the Taoiseach and PM Monti stressed the need for rapid implementation of the Council's decisions of June 28 and 29. As you know, I also support these agreements and their rapid implementation. Notably, PM Monti is openly supportive of relief measures for Ireland, as also reiterated during that meeting in Rome. Of course, I also consider it particularly important that the agreement on this proposal is suitably delivered on.

PM Monti has repeatedly proposed a greater role for the ECB, as have I. Given the positive reaction of markets to announcements by ECB President Draghi that culminated in Outright Monetary Transactions, I think it is also clear that these views are shared elsewhere. Notably, PM Monti has argued that, far from undermining discipline in vulnerable countries, such measures, with appropriate conditionality, would facilitate the difficult structural changes required in vulnerable countries. It is, therefore, also necessary for Member States to re-establish mutual trust, as PM Monti has outlined. So, in summary, there are many views held by PM Monti that I am broadly supportive of.