The Managing Director of the IMF says our reformed bankruptcy laws are a good example of debt restructuring for Europe.
Under the new regime the time taken to exit bankruptcy will fall from 12 years to three.
20 million Europeans are unemployed and Christine LaGarde told a meeting in Brussels this morning that three measures must be taken to tackle stubborn the jobs crisis.
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The IMF says we need to enhance the monetary union, reform the labour market and reduce our high levels of debt - both household and corporate.
Christine Lagarde says growth is picking up a little bit across Europea and it's the right time to tackle debt - she's using Ireland as an example of what can be done:
