Brussels, 11/05/2011 (Agence Europe) - Member states are responsible for keeping their finances in good order and for deciding on economic policy, but that does not rule out strong economic integration and solidarity in the interest of the European Union as a whole, explained András Kármán of the Hungarian Presidency on Wednesday. He explained to the European Parliament on behalf of the EU Council of Ministers that all countries wanted to use existing resources, like the coordination mechanism (which needs constant updating and strengthening) and special measures for eurozone countries, to ensure stability across the eurozone. The European Financial Mechanism (bailout fund) to be set up in 2013 can be joined by countries outside the euro, he added. On the specifics of various countries, Kármán said the Irish government was implementing a financial adjustment programme that would be examined by the ECOFIN Council on 17 May. Reforms are needed in Greece to ensure budget stability and the programme will be examined in June. The countries that have granted loans to Greece have decided to reduce the interest rate by 1%, he said, describing this as a good sign. Kármán said that Portugal was experiencing political uncertainty but it had been possible to conclude the negotiations on a draft agreement and the strings attached to the financial aid package. The final decision will be taken at the Eurogroup meeting on Monday. EU Economic and Monetary Affairs Commissioner Olli Rehn defended the way the EU has responded to the economic crisis of the three countries, admitting that the measures taken by the EU were a burden on the European economy and progress was needed in economic governance to restore financial stability and allow the economy to return to stronger growth. EUROPE will return tomorrow to the debate at the EP and Olli Rehn's comments. (L.G./transl.fl)