Ireland promised to be "in the business of solutions" Tuesday as it took over the European Union's rotating six-month presidency.
Prime Minister Enda Kenny, speaking at a ceremony at Dublin Castle while the Irish and EU flags were hoisted, promised his country's term would focus on stability, growth and jobs amid the bloc's ongoing economic crisis.
"We'll be in the business of solutions - a recovery country driving recovery in Europe," Kenny said, referring to Ireland's ongoing attempts to put a real estate and financial crisis behind it.
Those troubles forced it to accept a 67.5-billion-euro (89.1-billion-dollar) bailout from its EU partners in 2010.
He said the presidency would also bring "new hope, new possibility, new confidence to our peoples."
Ireland - the first country under an international bailout programme to hold the presidency - is eager to drive forward steps towards a banking union, seen as a solution to the crisis, while also seeking answers to its own debt mountain.
One key issue is a 31-billion-euro debt for the bailout of failed Anglo Irish Bank. Dublin wants to renegotiate its repayments to the European Central Bank, since those amount to 2 per cent of gross domestic product (GDP) over the next 10 years.
The bailout package expires in 2013, after which Ireland hopes to be able to once again seek funding on international markets. Initial signs have been positive as Ireland has tested those waters.
Dublin, which is hosting the presidency for the seventh time since 1975, also hopes to use its traditionally close links with Washington to drive forward a free trade agreement with the United States.
However, emphasizing the cost-cutting mindset, the country expects to keep costs related to the EU presidency to 60 million euros, down from a 110-million-euro price tag for its 2004 presidency.
Ireland took over the stewardship of the 27-member EU from Cyprus - which had a rough term as Nicosia had to apply for a bailout days after taking over the presidency.
In Cyprus' case, the bailout request was prompted by recession, deep debts and tight links to the ailing Greek economy. With a GDP of only 17.5 billion euros, Cyprus is the third-smallest economy in the eurozone.
Ireland, one of the 17 states using the euro currency, is set to hand over the presidency to Lithuania in July.