The more so as our policies, in contrast to US policies towards their Latin American backyard, are aimed at full integration of accession countries in the EU. However, the new states that we want to welcome to the ranks of the EU must realize they have to bear the main burden of adjustment. Their first step is to enter the EU.
However, with questions of transparency and asset valuation remaining, term interest rates continue to be elevated with higher than normal spreads remaining between longer-term rates and official rates. This will only change when confidence is restored among financial market participants. Domestic banking sector The Irish financial sector is not immune to these international financial developments which are persisting for longer than expected.