The sector's shock absorption capacity has been largely unaffected by the turbulence in international financial markets. The domestic banking system reports no significant direct exposures to US sub prime mortgages and only negligible exposures through investments and links with other financial companies or special purpose vehicles. In addition, our stress-testing of the banking system indicates that Irish banks are solidly profitable and well-capitalised.
Distrust leads to disaccord; in the exasperated pursuit of mutual reassurance, looking only to short term gain, the necessary steps are hard to take. Moving forward on the basis of a series of compromises is becoming more difficult. European unity is achieved with the development of democratic institutions appointed to manage shared sovereignty.