Liam Twomey (Wexford, Fine Gael)
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There is a general note which states the purpose of the Bill is to give legislative effect to key provisions of the stability treaty which has already been ratified by the State related to fiscal policy rules, a budgetary rule, a debt rule and a correction mechanism, if there is a significant deviation from the budgetary rule. This requirement is binding and mandatory on the State as a consequence of ratification of the treaty.