merrion street

In advance of attending tomorrow's last ECOFIN meeting under the Irish Presidency Minister of State Brian Hayes took the opportunity to promote Irish trade and investment links in Luxembourg.

His round of engagements took in financial services and IDA related activities, and culminated with an address to an economic conference hosted by the Ireland-Luxembourg Chamber of Commerce, and supported by both the Luxembourg and American Chambers.

Minister Hayes stated: "Given both Ireland's and Luxembourg's strength in the area of financial services, and that Luxembourg is the largest investment fund centre in Europe, there are many opportunities to promote mutually beneficial links between our countries. We are both well placed to profit from the recent resurgence in market activity, and we can learn from each other's experience in advancing prudent investment activities in new and emerging markets."

Later at a gathering of international business, political and official representatives, Minister Hayes spoke about how Public Sector Reform forms part of Ireland's response to this crisis. Referring to how the limits of austerity apply in Ireland, he noted that, "Austerity, as applies to Irish circumstances, is working for Ireland. It is working because it has to, because we are a Programme country. It is working because we are a small open economy where exports constitute 100% of GDP. What 'austerity in Ireland' represents to Europe is however a different matter. What it demonstrates is the urgent need of new and innovative approaches to stimulating job creation and growth at a pan-European level."

Minister Hayes will remain in Luxembourg tomorrow to attend the ECOFIN meeting. Here the big agenda item is the proposal for a directive on Banking Recovery and Resolution, a central plank in the establishment of a European Banking Union.