The International Monetary Fund's Ajai Chopra has urged European leaders to move quickly to deal with the euro zone debt crisis.
Speaking at a press conference in Dublin, he said the IMF welcomed a statement earlier this week from euro zone ministers, who said they were ready to take further measures to deal with Europe's debt crisis.
But, flanked by representatives of the ECB and the European Commission, Mr Chopra stressed that there should be 'prompt implementation' of these measures, adding that what was needed was a European solution to a European problem.
At a previous press conference in Dublin, Mr Chopra had described the EU/IMF programme as 'an Irish solution to an Irish problem'.
Meanwhile, Klaus Masuch of the ECB told reporters the bank's opposition to imposing losses on senior bank bondholders had not changed.
The Troika representatives were speaking after approving Ireland's implementation of the EU/IMF financial programme so far.
They said the programme remains on track, and that Ireland had 'continued to steadfastly implement' policies laid out by the programme.
They said the EU/IMF plan had cushioned the impact of recent tensions in bond markets on the Irish economy.
The Troika said reforms were being implemented to restore the banking system to health, while the budget deficit for the first half of the year was well within target.
Moody's decision on Ireland 'peculiar'- Noonan
'I am pleased that the mission has concluded that Ireland is meeting all of the conditions and targets of our programme,' said Minister for Finance Michael Noonan said earlier.
'We have met the fiscal targets. We have met the banking targets. We have met the structural reform targets. I am also pleased that the external partners have concluded that the Irish programme is on track and we are making good progress.'
Mr Noonan said he was especially pleased that financial sector reforms had occurred ahead of schedule, including: the merger of AIB and EBS; the merger of Anglo Irish and Irish Nationwide Building Society; and the plan to recapitalise Irish Life and Permanent.
Mr Noonan described the timing of Moody's downgrade of Ireland as 'peculiar' coming 48 hours before the bail-out assessment of Ireland.
He said it was too early to say if the Budget would have to raise more than €3.6 billion, adding that this would depend on Ireland's progress in cutting its deficit to 8.6%.
Mr Noonan said Ireland had funding until 2013 but faced bond repayments of €11 billion in January 2014.
Minister for Public Expenditure and Reform Brendan Howlin said that public finances were showing signs of stabilisation.
'We just recently met the mid-year fiscal target set as part of the Programme with tax revenues increasing and public expenditure being managed within the limits set out for the year,' said Mr Howlin.
'Furthermore, the public service pay bill is being managed and is on target.'
Both Ministers concluded said that it was encouraging that the programme was on track but said that they were aware further difficult choices would have to be made in the forthcoming Budget.
