But conditions are far from benign in the wider euro zone.

The uncertainty leaves France and the wider euro zone at the mercy of unforgiving markets.

The wider euro zone picture was also gloomy.

Ireland's rapid growth these days obscures persistent economic weakness in the wider euro zone, albeit with exceptions.

Germany, France, Italy and the wider euro zone report GDP figures on Friday that are all expected to show contraction.

Hollande's comments about a wider euro zone impact follow the intervention of European Banking Authority chairman Andrea Enria on Wednesday.

Meanwhile Germany, France, Italy and the wider euro zone report GDP figures on Friday which are all expected to show contraction.

But a slowdown in the wider euro zone, where most of Spain's goods are shipped, could put that theory at risk.

The latest edition of the note is due to start circulating across the Republic and the wider euro zone on Tuesday morning.

He too will oversee the work of several commissioners, including the parts of Moscovici's responsibilities that belong to the wider euro currency project.

The fund also confirmed its downgrading of Ireland's growth outlook, which is a result of the spillover effects from the wider euro zone crisis.

The volume of Irish exports declined by 2.3 per cent, compared by 13 per cent in the wider euro area.

Earlier this week closely-watched purchasing managers' surveys suggested recovery momentum in the wider euro zone was fading, despite the stellar performance by its biggest economy.

The fund's powerful Managing Director, Dominique Strauss-Kahn, and a handful of his advisers, feared Greece posed a threat to the wider euro zone financial system.

Worryingly, the fall comes as inflation in the wider euro zone appeared to pick in April on the back of Frankfurt's historic monetary stimulus programme.

The economy grew by 7.3 per cent last year, three times faster than the wider euro area, according to new EU Commission estimates.