European Commissioner for Economic and Monetary Affairs Olli Rehn has called for political consensus to back the Government's four-year economic plan and the Budget.
Speaking at a press conference in Dublin tonight, Mr Rehn said it would be a great benefit to Ireland if a broad political support for the necessary consolidation measures and structural reforms now required could emerge and be developed in spite of party political differences.
Mr Rehn is in Ireland for a two-day visit for talks on the economic crisis.
He met Minister for Finance Brian Lenihan and senior officials tonight and will hold separate meetings with the Opposition parties tomorrow.
Mr Rehn will outline the EU's analysis of Ireland's economic difficulties and the need for a comprehensive response.
The Commissioner's visit came as Ireland's cost of borrowing has hit another new high this afternoon.
The interest rate demanded by investors to lend money to Ireland for ten years hit 8.03% this evening.
Ireland does not plan to borrow on the bond markets until next year.
Mr Rehn's visit to Dublin also comes before the Government finalises the detail of the Budget, which will be announced next month.
The Minister for Finance is working on the four-year strategy aimed at reducing the budget deficit to 3% of GDP by 2014.
The Cabinet discussed the Budget for over three hours yesterday in advance of Mr Rehn's arrival.
Taoiseach Brian Cowen said last night that no final decisions have been taken, and the Government would make decisions in the best interests of the country, and based on what is affordable.
Meanwhile, some Irish banking stocks are again experiencing steep losses, due to concerns about the state of the economy.
Bank of Ireland shares closed down 5.7% after earlier falling as much as 10%. Irish Life and Permanent however finished 16.2% per cent lower.
