Kenny Confident on Irish Outlook, Warns Of ‘Chasing Rainbows’

Irish Prime Minister Enda Kenny said Europe will move forward with the measures needed for Ireland to meet the conditions of its aid package and get its economy back on track.

“I am confident that colleagues remain committed to securing a positive outcome,” he said in prepared remarks for a speech in Brussels.

Ireland, which will take on the European Union’s six-month presidency in January, is trying to lower the cost of its bank bailout, in part by seeking to restructure 30 billion euros ($39 billion) of promissory notes used to rescue the former Anglo Irish Bank. The country also supports related efforts to create a euro-area bank supervisor and allow direct bank aid from the 17-nation currency bloc’s firewall fund.

Kenny said the EU may need more integration of its budgets and economies in order to stabilize the common currency and the 17-nation economy.

“Let us move swiftly to do what needs to be done,” Kenny said. “But in examining how to move ahead, let us not distract ourselves chasing rainbows.”

To contact the reporter on this story: Rebecca Christie in Brussels at rchristie4@bloomberg.net

To contact the editor responsible for this story: James Hertling at jhertling@bloomberg.net