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Central Bank Governor Patrick Honohan says country could soon turn a corner

THE country could soon turn a corner, Central Bank governor Patrick Honohan said this afternoon.

Talking at a conference on the economy in Dublin, Professor Honohan said progress has been made but more is needed.

The cost of Ireland's debt has been low thanks to the "indulgence" of the European Central Bank.

He added that the two decade old idea of a banking union had come.

Ireland needs "more Europe" even if it is not popular to say it, he added.

It remains to be seen whether this week's events will be enough to reassure markets, he added. "It may take time for yields to converge," he added.

Earlier, former Taoiseach John Bruton said Europe needs to elect presidents directly. He added that the financial crisis was caused by long-term problems such as technological advances rather than financial services.

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