A Fine Gael MEP Brian Hayes has said the Brexit debate will rumble on for some time before a solid plan is put in place.
Hayes made his comments after Boris Johnson officially ruled himself out of the race for the leadership of Britain's conservative party.
Theresa May is now the British public's preferred candidate to be the next prime minister.
She has said she will work to retain the common travel area between Ireland and the UK.
Brian Hayes has said the EU needs to move fast to protect our economy.
“Our economy is sound, we come through a very difficult period since 2008-2009,” said Hayes.
“We have used the last number of years to reposition the Irish economy, but we do need Europe to take stock. We need Europe to get through this and we need the British to come to a view as to what they want.
“We have got to be a fundament part of a negotiated settlement because our economy is so dependant on the UK economy, so this will go on for quite some time.”