EU Economic and Monetary Affairs Commissioner Olli Rehn has said that talks on Ireland's debt crisis, which began at the weekend, would now intensify and move to Dublin this week.
He said the talks would strengthen preparations for a 'potential programme' in case such a programme was requested by the Government and deemed necessary by the European Union.
The commissioner was speaking as finance ministers met in Brussels tonight to discuss Ireland's debt crisis and the possibility of a bailout.
He said Minister for Finance Brian Lenihan had 'committed' during the talks to work with the European Commission, the European Central Bank and the International Monetary Fund.
Mr Rehn said: 'This work will now intensify to determine the best way to address any possible support required.'
Mr Lenihan reiterated before the meeting that Ireland is fully funded until the middle of next year.
He said the other EU governments had endorsed the Government's budget plans and its approach to dealing with the banks.
The head of the Eurogroup of finance ministers said the eurozone will act in a 'determined and coordinated' manner to ensure its stability.
Jean-Claude Juncker said: 'We will act in a determined and coordinated way if necessary to ensure the stability of the eurozone.'
Mr Juncker also welcomed the 'willingness of Irish authorities to enter talks with the European Commission and the IMF in order to determine any necessary support to face any market risk.'
He said: 'The discussions that will take place between Ireland, the Commission, the ECB and the IMF will allow us to have at our disposal all the elements that we will need in case Ireland asks for aid.'
Mr Juncker said it was up to Ireland to make up its mind and ask for support, but he welcomed the 'significant efforts' Ireland is making in reducing the deficit.
He said he has full confidence that the Government's four-year plan to be announced next week will be 'thorough and detailed'.
Minister for European Affairs Dick Roche said Ireland is in a much better position than countries that have received financial assistance from the IMF.
President of the European Council Herman Van Rompuy earlier said the EU will not survive if it fails to overcome the eurozone debt crisis.
He described the situation as a survival crisis, although he added he was confident that this would be overcome.
'We all have to work together in order to survive with the eurozone, because if we don't survive with the eurozone we will not survive with the European Union,' he said.
