"Through these three programmes, the European Union is providing Northern Ireland with real opportunities to develop its economic potential and competitiveness, to improve the situation of its border regions, and to make further progress towards a peaceful society, " she said.

BBC: The money was part of the EU's cohesion policy

But Mr. King also had a further message for politicians that some would argue he should have spelt out much more clearly before now: that the only sure-fire way to boost the long-term growth of an economy lies in structural overhauls designed to boost competitiveness and the supply potential of the economy.

WSJ: Two Ways to Look at Sovereignty Issue

"There is a toxic nexus between a lack of competitiveness, unsustainability, low potential growth and an ongoing recession, " he said.

CNN: O'Neill: Euro may not exist by 2020