Written Answers - Economic and Monetary Union

Tuesday, 21 February 2012

Dáil Éireann Debate
Vol. 756 No. 2

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  200.  Deputy Micheál Martin  Information on Micheál Martin  Zoom on Micheál Martin   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   if he intends to publish a paper on the implications for domestic economic policy of an EU common economic policy; and if he will make a statement on the matter. [6587/12]

  202.  Deputy Micheál Martin  Information on Micheál Martin  Zoom on Micheál Martin   asked the Minister for Finance  Information on Michael Noonan  Zoom on Michael Noonan   if he has undertaken or commissioned any economic analysis of the proposals agreed at the December European Union Council. [6195/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan  Zoom on Michael Noonan  I propose to take Questions Nos. 200 and 202 together.

The Deputy will be aware that there is already provision in the EU Treaties that Member States regard their economic policies as a matter of common concern. In practice, this means that Member States policies should adhere to certain guiding principles as set out in various processes, including National Reform Plans, the EU2020 and the Integrated Guidelines. In relation to the proposals agreed in the December European Council, I am assuming that the Deputy is referring to the fiscal compact element of the proposals agreed at the December European Council, which is now embedded in the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union agreed by participating Heads of State or Government at end-January.

Recent legislative reforms (the so-called “six-pack”) together with additional legislative proposals (the “two-pack”) are designed to inter alia improve surveillance and monitoring of Member States economic and fiscal policies. I see this as a positive development, as it will ensure an earlier detection of harmful imbalances as well as ensure their timely correction. Greater economic and fiscal discipline within the EU is in all of our interests and is to be welcomed.


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