The competitiveness of Ireland's economy and the future growth of Europe's entire industrial base will be severely damaged unless action is taken on the continuing energy crisis, Fine Gael leader Enda Kenny has declared.

Mr Kenny made his comments at a meeting of the European People’s Party leaders and prime ministers being held in Helsinki, Finland.

It is vital that all member states see the urgency in the latest proposals from the European Commission. In particular the three crucial issues of EU-Russian Energy cooperation, the vigorous pursuit of energy efficiency and the creation of the necessary energy interconnections inside and outside the community must be acted upon swiftly if we are to protect the European economy and safeguard its environment, he said.

He also said that the Irish government should make a fundamental review of energy regulation in the country a high priority, and suggested that monthly rather than yearly reviews of energy prices be introduced.