Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

A number of new conditions are being attached to the budgetary process for ECOFIN countries and for the euro group. The documents in response to the committee's request include the two-pack, which is being negotiated at a trilogue with the European Parliament, the Presidency and the Commission. The documents provided refer to the governance part of the two-pack and some regulations on the common provisions for monitoring and assessing draft budgetary plans and ensuring the correction of excessive deficits of member states in the euro area. There is also regulation on the strengthening of economic and budgetary surveillance of member states experiencing, or threatened with, serious difficulties with respect to their financial stability in the euro area. There is progress towards agreement with the Parliament but there remain areas of divergence. The Presidency has filed amendments to bridge the gap. Members of the committee are familiar with the six-pack and the provisions of the stability treaty, which was passed in Ireland by referendum in May. It has now been passed by the euro group countries. It feeds into the additional regulatory regime.

The only additional item coming forward is suggested by the German finance Minister, which is that the Commissioner for Economic and Monetary Affairs be given the same kind of powers as the Commissioner for Competition.

Members will recall that the EU Competition Commissioner can take action, without reference back to the college of commissioners, if states are acting against the rules of competition. It is now being suggested that Commissioner Olli Rehn and his successors should have that kind of interventionist role. That would give additional supervision. It remains to be seen whether that comes to anything. As far as I have seen, no formal papers have been filed in this regard to date.