The EU commissioner for economic and monetary affairs, Pedro Solbes, has said that time has run out for him to preside over the reform of the growth and stability pact, since he is leaving the commission to take up a new job as the finance minister in Spain's new government.
He was speaking at a press conference after the informal Ecofin meeting of European finance ministers, which took place in Punchestown this afternoon as part of Ireland 's EU presidency.
Speaking at the press conference, Finance Minister Charlie Mc Creevy said that he was hopeful that the Irish state finances would turn out well this year. He was reacting to the latest exchequer returns from the first three months of the year.
Minister Mc Creevy said that he did not think debt levels in Ireland were out of kilter with the rest of Europe, particularly the UK. However, he urged borrowers to be cautious about the amounts they borrow and to "stress-test" their own circumstances.
Minister McCreevy also described the Punchestown conference centre as a wonderful facility, despite the fact that the Public Accounts Committee had criticised the manner in which public money was spent on the facility.
