Brian Cowen (Laois-Offaly, Fianna Fail)

I propose to take Questions Nos. 1 to 7, inclusive, together.

I attended an informal meeting of EU Heads of State and Government in Brussels on Sunday, 1 March. The meeting was called by the Czech Presidency in response to the international financial and economic crisis. The meeting was useful on a number of fronts. While there were no formal conclusions, there was broad agreement that Europe can only face the current macro-economic and financial challenges, and overcome them by continuing to act together in a co-ordinated manner, within the framework of the Single Market and EMU.

There was a shared confidence in the medium and long-term outlook for all EU economies. We agreed on the need to take action in a number of areas, notably in promoting financial stability and supporting the real economy. We also discussed the role Europe has to play in terms of the global approach to this crisis.

I attended the European Council in Brussels on 19 and 20 March. I was accompanied by the Minister for Finance, Deputy Brian Lenihan, the Minister for Foreign Affairs, Deputy Micheál Martin and the Minister of State with responsibility for European affairs, Deputy Dick Roche. As I will make a statement to the House on the Council meeting next week, I will at this stage merely give a summary account of its proceedings.

Discussions at the Council built on the work of the 1 March meeting, focusing on the need to respond to the global financial and economic crisis and to restore the proper functioning of financial markets. As part of the overall effort to stimulate economic recovery, the Council agreed on an infrastructure financing package of some €5 billion. This is in addition to those measures by the member states to stimulate their economies and other expenditure.

Agreement on the financial support of key infrastructure projects is very important for Ireland. We have secured funding of €110 million for the east-west interconnector between Ireland and Britain. There is potential to secure funding for the North Sea grid component of the offshore wind energy initiative. We will also be able to access new funds which have been agreed for rural development and rural broadband.

The Council agreed in principle to increase the resources available to the IMF so that it is better placed to help countries as appropriate. We also agreed to address the capacity of the Union to assist its non-euro members through considerably strengthening what is known as the balance of payments support. The Council agreed the approach to be pursued by the Union at the G20 discussions in London on 2 April.

We discussed climate change and the focus now is on the UN summit in Copenhagen later this year. The Council adopted a declaration launching the Eastern Partnership to promote stability, good governance and economic development in those countries to the east of the Union's borders.

On the Lisbon treaty, I reported to the Council that we are continuing to work on the legal guarantees promised in December, with a view to them being agreed by mid-2009. There was no discussion as we will return to this issue at the June European Council.

I had a bilateral meeting with the President of the European Commission, Mr. José Manuel Barroso on 19 March, before the Council meeting. Our discussion covered the current economic situation with particular regard to jobs and growth. We also discussed the Lisbon treaty. As is normal, I had discussions with various colleagues in the margins of the meeting over the course of the two days.

In addition to the Spring European Council, there will be European Council meetings on 18 and 19 June, 29 and 30 October and 10 and 11 December. Prime Minister Topalanek has announced that an EU-US summit will be held on 5 April in Prague where EU leaders will meet with US President Barack Obama. The Czech Presidency has also indicated that it intends to hold an Eastern Partnership summit on 7 May in Prague. It is my intention to participate in all of the European Councils in 2009.

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