The financial crisis in Ireland and the EU can be resolved with the right political will.

That's according to the Canadian Finance Minister Honourable James M Flaherty who addressed a conference in NUIG this afternoon [JUN 28].

Minister Flaherty is also governor of the World Bank and the International Monetary Fund and was recently awarded Euromoney Magazine's Finance Minister of the Year award.

Addressing the delegation on the current recession in Ireland, Minister Flaherty says the EU must begin with a clear statement on its concrete plans to protect the monetary union.

However he says economic growth cannot be expected without a restoration of market confidence.

The conference was also attended by Finance Minister Michael Noonan.

He warned that challenges yet to be overcome include lack of demand in the domestic market and the fear of a drop-off in exports.

He said banking and financial union for Europe is now a key focus for recovery to be achieved.