Pat the Cope Gallagher MEP, Ireland North-West, was speaking today in the European Parliament, Strasbourg following a major debate on the Economic crisis and the Euro. The President of the European Commission, José Manuel Barroso and the Commissioner for Economic and Monetary Affairs, Olli Rehn attended the key debate. The Eurozone summit held on the 21 July last agreed on provisions to address the crisis in Greece and also included a reduction in the interest rate charged to Ireland under the EU – IMF agreement.
 
Pat the Cope Gallagher MEP stated today “It is nearly two months since the Eurozone summit on 21 July. This agreement included a change to the interest rate charged to Ireland. However, inaction by European leaders has created uncertainty on world markets, which threatens the very existence of the Euro.”
 
“At a minimum, a co-ordinated initiative across the European Union is now required to implement the decisions of the 21 July to help restore confidence to the markets. This is a matter of urgency. There should be no procrastination on an issue such as this.”
 
Mr. Gallagher also stated “On a separate note, we in Ireland are well aware of the steps that must be undertaken to comply with our obligations under the Growth and Stability Pact and the EU-IMF agreement. However, the continued attitude of the banks is shameful. Despite, being in receipt of public funds they are not prepared to support many SME’s, who if financed properly will create jobs and economic recovery in Ireland.”