technology innovation. developments rush. the future. headlines. come to those who wait nearly two decades of torture. finally gets the green light to join the global trade system. groans under the weight of debt silvio berlusconi's promise of resignation leaves markets. success. and the i.a.e.a. report on iran's alleged nuclear weapons program. over the country splitting the

world's community over whether to build up pressure on. program. island. bailing out more failed banks and to find out firsthand what's being done to avert default. minister for foreign affairs and trade that's coming up here. hello again and welcome to spotlight the into the share our take i'll go now and today where i guess there's gilbert island will be taking over the presidency in

the e.u. in the year of two thousand and thirteen but on the eve of this event ireland is facing pretty serious economic and financial problems well as well as many other european countries and members of the euro zone president medvedev the russian president when he was present at the g twenty summit in france said russia is ready to help its european neighbors so what kind of help is russia ready to provide to islands let's ask the deputy prime minister and the foreign minister of ireland he meant. as the european debt crisis spirals even further out of control economists worry about the future of the euro if greece defaults and then leaves the currency island and all the weaker economies may be forced to do the same the region stronger nations have graded and almost half a trillion euro bailout fund but that's still not enough to boost the europeans are

seeking support in the east particularly from china but they also want russia to help its request officials in moscow believes both innocent konami and political interests to me. over a welcome to the show thank you very much for being with us pleasure to be with you well first of all i want to before coming to moscow. this time you said my intensive schedule attests to the emphasis we place on deepening and broadening further our political and economic relations with russia and quote what is the reason for such attention to relations with russia now well first of all our leaders always had very good relations with russia. at this time. first of all at the political level we want to deepen our bilateral relations and strengthen those there is an opportunity for us to do that now arvind will take on

the chair of the organization for security cooperation in europe and next year throughout country twelve and that is a regional security organization which stretches from uncooperative that we've all struck and clearly russia is a major player in the whole framework so. this is an opportunity to have discussions at a political level with russian foreign minister lavrov in particular about those issues mediately after that are and will also take on the presidency of the european union at the beginning twenty thirteen so over the next two years or so our lives would be very much at the center of european political and economic issues the all reason that we're at the that i'm here is to obviously deepen our economic relations and i will be co-chairing with transport minister the. meeting of the joint economic mission between our two countries and we hope to use

that meeting to deepen trade and business relations between the two countries five or heard that your government is paying much attention to the return you get from paying for your missions abroad on november third you said you're closing your embassy in graphic and maybe in some of the european countries what about the mission in moscow are you keeping it over very much keeping the mission and moscow in fact we intend to strengthen our work in russia there is a very high level of trade between our london and russia it's about two billion euros at the moment aryans merchandise trade with russia increased by about sixty percent last year and we see enormous potential for that to increase there are about two hundred large companies who do business. here in russia one of the outcomes that are hoping for from these two days is to see an increase in that

activity and the continuation of our embassy here in moscow and all of the work that irish agencies do have of russia's going to be very much part of this year off to a pretty rough third quarter the quarter is the situation has them graded its two thousand level growth projection from seven to five percent do you see some new markets here in russia do you do you are you thinking of selling some something else what kind of products can the irish well first of all i want to say that exports are in fact growing increasing. arland exports but eighty percent of everything we produce all created exports is very much part of our growth strategy but is also interested mainly well the areas that we see potential for growth here in moscow are for example in agriculture and technology art and visit our culture country and we've developed a lot of skills in the area of agriculture research and technology and we believe

that that is an area which can grow here we also see potential in from asian technology our love is very much a central european hope for internet activity no companies like google and facebook and twitter who are located in them so we see that as a barrier for growth education and education services these are areas that we see grow and of course in the whole area of alternative energy because again our land because of our maritime area very is about ten times or our land area because i'm sure for wind and wave energy this is an area that we see great potential for growth and innovation are in big demand these days in the kremlin if you like yes innovation is. living. change world. innovation certainly innovation in industry science technology this has to be at the heart of industrial strategy

of economic activity and our own prides itself on having a very strong university sector and a very strong linkage between business and our universities we work to build the synergies between the research activity that takes place in universities the innovation that takes place and industry and then the marketing of all of us through our trade strategy session president has recently attended the g. twenty summit in france and speaking there he said i worked europe should achieve economic reality russia is ready to help including through the snow and what do you expect any help you can get from russia in overcoming the difficulties in financial difficulty well first of all the military of helpless that we grow or grow or trade the secondary of course is i think that there has to be increased cooperation between the european union and russia i think this is something that's very important and has supported the idea that there should be increased

cooperation between the european union and russia we operate in the same area i think that there are huge advance just in both russia and the european union for increased trade and i think that there's potential for that as russia will shortly i believe become a member of the world trade organization let's talk more about finance which is a problem and it's a big problem for islands for as i understand i was forced to accept sixty seven point five billion bailout from the european union and the i.m.f. last year last autumn actually then in may he. the european financial stability fund was created do you plan to use this european stability fund to to somehow reduce cost cost of the other bailout well the first thing is that the programs that aren't. with the i.m.f. and the european union and the european central bank we're working that program we're reaching all of the targets and this year the fourth quarter of this year

arlen has returned to economic growth for the first time in three years so we are working our way out of the economic crisis a number of decisions have been made at european union level this year including the establishment of the. south and very strict simple mechanisms which are within that which we feel will work to our benefit and will work to reduce the overall level of pressures that are in the states for the the crisis in the last year it was blamed on the irresponsible banks and the incompetent economic governance this resulted on the record figures that the labor that your party garden on the recent election how much did your government improve the situation well what would you for example also to the left critics who accuse you of i quote slavishly submitting to their think that some of the financial markets and those faceless institutions that

hold the lives of tens and hundreds of millions of europeans in their grip well this is this is what you're doing according to your critics no in fact what we're doing is we're working our way to recovery the first thing that the government did was we took decisive steps to restructure and to recapitalize banks aren't have been hit with a double whammy first of all the effects of the international recession the collapse of lehman brothers in addition to a domestic crisis which was mainly property fueled which was fueled by excessive lending the new government has worked to deal with us restructured recapitalized our banks we've introduced a jobs initiative to encourage people back to work and provide training for those who are out of work our economy has returned to groet. year the country's reputation is greatly improved from the time the new government took over and i think there's a greater degree of confidence bolts. about ireland's ability to pay its way and

that is reflected in the markets that's reflected for example that the interest race on irish has greatly reduced since the new government took over says. they're pretty prime minister and the foreign minister of ireland who is on a visit to the show would be back shortly after we take a break so stay with us. today violence is once again flared up. these are the images. from the streets

of canada. giant corporations are. on. a very warm welcome to you this is your news today protesters on the. streets play at . least in chance a good chance the chances to get a book are exactly the status of the human experiments given with. this rock music awards it just goes to the movies lately trying to censor global economy and it's all came slings us financial temples. to maintain our confidence in hmong kids and taking on wants to be seen trade imbalances recession looks to be nations close to collapsing

a subprime loan foreclosed homes. to fail switchblade banks again feel like things us crashed and they've been smashed. to supply closet an explosion in st the spokesman just programs increase the total economy. wealthy british style. guide to life on. the. market why not. come to. find out what's really happening to the global economy with months cause or no holds barred look at the global financial headlines tune in to cause a report.

welcome back to our nerve and just to remind you that my guest today on the show is eamon gilmore the deputy prime minister and for. minister of the republic of ireland. when i went and to the eurozone it was seen as a guarantee for prosperity for economic prosperity for for years to come well now after that year has experienced serious problems and is actually facing crisis what's your what's your opinion the year round the the irish. entry into the eurozone do more good or more bad for the republic i believe is it more gold really i think first of all you have to acknowledge that the irish economy grew very significantly during its period in the euro yes it is true that ireland experienced an economic setback about three years ago but we are now

coming through that and coming out of that there are difficulties in the euro zone everybody knows. the european leadership is working to deal with those difficulties and i believe it's dealing with those difficulties successfully if you look at the number of decisions that have been made this year to supports the euro and to support the euro zone the establishment of the europeans to the stabilization fund the european stability mechanism the change in the european treaties in order to underpin and the various decisions that have been made to strengthen governance in the euro the euro zone all of these i believe will over the course of time strengthen your i think there is one thing that people need to be clear about and that is that the leadership of european union countries will do whatever it takes in order to ensure that the euro is staples that it

succeeds and that it continues so you are absolutely sure this is interesting you know as the prime minister the prime minister of ireland resolutely. the euro leaders like mr sarkozy and they really care about what happens in ireland what happens in greece what happens in portugal do you think they care part of their countries or they care about their own prosperity well i think everybody's prosperity is really sure. you know we live in a world where the prosperity of one country depends on another where the difficulties that engine difficulties banking difficulties one country impact on the banks of another country let's be clear about this the european union countries and eurozone countries in particular have put their money where their mouth is they have established the various forms which are necessary to support and to underpin the euro and have taken a succession of decisions which are aimed at securing the future of the euro the

future of financial stability in europe and the future of the european economy oh yes of course there are difficulties and we've seen difficulties even in recent times and in some countries but there is a collective will in europe to deal with those difficulties and to ensure that we succeed so you are confident in the future of europe yes i am confident i mean europe europe is very strong a very big market in europe we're talking about five hundred million people there is a strong degree of cohesion across the twenty seven member states of the of the european union. there are there are measures that have to be taken there are decisions that have to be made there are reforms that are have to be perceived collectively in the european union and in individual member states as far as our lives is concerned we are taking those reform measures we are pressing ahead with the things that need to be told we are convinced we will be the first european country that will come out

of this recession come out of the programs that we are in with the i.m.f. and the u.s. the and the e.c.b. and that as an individual country and europe as a whole will come out of the spear. he. stressed that as i read the economic reports i give an impression that you're oh this in have another choice is to compete with the other i mean they they have to challenge the dollar and this is the problem this is the need this is what causes the problems of europe trying to compete with the dollar is that true but i think there are complex issues which are intertwined here i think that at the root of it although if you look at the european economy yes the reforms that have to be done yes there are decisions that have to be made in regard to fiscal governments and financial governance of what there is also a necessity for the european economy to grow want to create jobs and this is the area where as

a country we have put our emphasis and our discussions with our european partners it's a necessity to get jobs in europe to grow or economies to expand or trade and that ultimately comes back to one of the reasons why i veer in moscow today because i want to see the opportunities for trade between russia and our limbs much more greatly increased so that we can grow both economies to our mutual advantage do you think that the troubled economy agrees through the maybe some other countries that they may leave the euro zone is an option i don't think so i think if you look at the way in which this whole crisis has approached it has been approached on the basis that we are members of the euro on a collective basis where one country gets into difficulty there is a sense of solidarity from other member states we've seen that worked out over the implications of that obviously and individual countries are different and they are difficult and i think we've seen that expressed particularly in greece in recent

times but i'm confident that these problems can be overcome watching from the outside from moscow i don't pressure that the european commission is weakening in that year and then that lead on. becoming the decision makers in europe do you agree no i wouldn't agree with that i think the european commission is very strong and many of the proposals if you look at the proposals which have been discussed the nations of the european council by heads of states of government but in the main have been proposals that have been prepared by the european commission the rule of the european commission has changed following the adoption of the treaty and there is no new structure for missions of the station government and of course the reason you offer. to new office is in fact the office of all of the president of the european council and secondly the office of the high representative which meets with the foreign affairs side of the retaining. chinese many today seen as

a universal means of solving european financial problems many people in europe are not happy with that they don't want to too many chinese investors in europe what's the irish position and it's well arnold welcomes from china and indeed we've had discussions with. the chinese leaders and chinese businesspeople to encourage investment in ireland and trade between art and china but i think we have to be clear about this there is no placing a single silver bullet the result of the european financial crisis and that includes the idea that chinese money is some kind of a silver bullet that will result the financial difficulties in europe financial difficulties in europe the problems in the eurozone have to be some result first of all by european leaders making the decisions that are necessary and i believe that that is happening but secondly they also have to be resolved by the european economy which underpins underlies our financial system that by that economy

strengthened by reformed by growing by jobs creation. off the crisis of two thousand and eight the g twenty was concerned. to be to become to be the main mechanism main instrument. problem self-serving financial problem solving management problems on the continent after the summit in france that they are going to just take place do you agree that this mission is being fulfilled by the g twenty but i think they will be wrong to place to place an order to emphasis on the g twenty the g twenty clearly has a very critical a very important role to play in the overall management of the global economy but there are of course very many countries who are not part of the of the g twenty i think one of the lessons that is emerging from this period of economic

turbulence is perhaps the necessity to look again at the international financial institutions and monetary institutions that are in place to look to see how they can be reformed and how a system of thought i'm sure military regulation on a global wide basis can be put in place which provides for a greater degree of stability i think the important thing is that we learn the lesson remember this is this has been a global financial crisis what happened on wall street what happened in many other financial centers reverberations across the world and i think we have to go back to what i suppose that happened it happened because of the creation of new products which were not based on economic reality in many cases we saw a period of very large financial regulation i think we need to relearn the lessons that kind of like financial regulation very often ends up in crisis and the people who suffer as a result of the crisis are people who are at the end of the line who lose their

jobs whose businesses fail which colors allow that to happen again and therefore i think at a local level we need to look at the international institutions that we have to ensure that there is better regulation and that there is some. governance of the global economy. one final question good news a reason to want to talk about this this irish vessel that was captured by the israelis and it was it was a gas abound well the opposition in your country it says that you should seek immediate release of the irish from the foreign ministry is you since they are in moscow so what is your government doing to to to release. well first of all i'm very pleased forcible but none of the crew were in any way harmed that there was no violent incident surrounding the arrest of the such a since they were arrested on the fasl by the park on sunday or the sea in israel has been touch with the fourteen people who are arrested in this working closely with them and i'm hopeful

that they will in fact be released so they are ok they feel you that they are. our embassy officials were in touch with the business of them all the evening that they were grolsch into ports visitor them again the following day range for legal representation for them. has assured me that yes they are well they prefer not to be arrested into tension but we're hoping that they will be released thank you thank you very much sir and just to remind you that my guest on the show today was a man who is the uncertainty prime minister and minister our foreign affairs of the republic of ireland the spotlight will be back with more first on comment on what's going on in and outside russia until then r.t. and take care thank you so very good question thank. you.

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