Micheál Martin (Cork South Central, Fianna Fail)

The major package on the economy was the one agreed at the December Council, initiated by the French Presidency, namely, the economic recovery plan, which was an over-arching framework for providing a stimulus to EU economies. In the Irish context the more than 5% investment in capital infrastructure, which will take place in 2009, represents our economic stimulus package on the economy. It is double the rate of most of EU states in terms of capital spend. In terms of the development of small to medium-sized enterprises, we have been very active, for example as regards the implementation of the small business forum, that I established about two years ago when I was Minister for Enterprise, Trade and Employment. This comprised SME entrepreneurs along with the agencies in devising a blueprint for the development of small business, such as the provision of venture capital, and facilitating access to business agencies, funding and so on.

The European Investment Bank as part of the EU's reaction to the current economic crisis, provided substantial funding through loan facilities. It is up to the banks in member states to avail of the EIB package to assist credit flows to SMEs across the European Union.

In terms of the Czech Presidency, the ECOFIN Council will deal primarily with the economic side, while GAERC will deal, mainly, with the foreign affairs agenda and——

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