Tuesday, 21 February 2012
Dáil Éireann Debate
200. Deputy Micheál Martin asked the Minister for Finance 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]
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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