Brian Cowen (Laois-Offaly, Fianna Fail)

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

I attended the informal European Council in Brussels on Thursday, 19 November. The meeting was convened by the Swedish Presidency to discuss the appointment of the President of the European Council and the high representative of the Union for foreign affairs and security policy. As is well known by now, the European Council agreed that Herman Van Rompuy be appointed as President of the European Council and that Catherine Ashton be appointed high representative. I welcome these appointments which provide clarity as we embark upon managing our Union under the altered rules of the Lisbon treaty.

The President of the European Council will be tasked with bringing greater coherence to the European Council's work, while the high representative faces the challenge of building up the new European external action service, which will represent Europe abroad. I wish both Mr. Herman Van Rompuy and Ms Catherine Ashton every success in their new roles and I assure them of the Irish Government's full support as they assume their new responsibilities.

I attended the European Council meeting in Brussels on 10 December and 11 December. This was the first meeting of the European Council since the entry into force of the Lisbon treaty. The Council discussed the various implementation measures, such as the establishment of the European external action service, on which Ms Catherine Ashton is invited to bring forward proposals next year. The Council also invited the European Commission to present a legislative proposal on the citizens' initiative with a view to its adoption in the first half of 2010. Most of the discussion at the Council was taken up with economic, financial and employment matters, and with climate change in light of the Copenhagen conference.

With regard to the economic circumstances, the Council noted there are signs of stabilisation and agreed on the importance of developing credible and co-ordinated strategies, within the framework of the Stability and Growth Pact, for exiting from the broad-based stimulus packages once recovery is fully secured.

The Council agreed a new structure for financial supervision in Europe, including three new supervisory authorities for banks, insurance and securities markets. It will enter into force in 2010. These new supervisory authorities are intended to be able to act effectively in the event of financial emergencies and ensure the consistent application of EU law. The matter now goes to the European Parliament and I look forward to a successful and early outcome, given what I believe is a near universally shared desire to see this new regime in force as soon as possible.

There was a preliminary discussion on the nature of the successor to the Lisbon strategy for growth and jobs, which is expected to be known as "EU 2020". However, a broad cross-cutting strategy such as this requires the full input and engagement of the new Commission. Therefore, a fuller discussion is needed at political level. President Van Rompuy signalled this would be among the subjects for discussion at an informal meeting of the European Council in February. For our part, we will be emphasising, among other things, the importance of sustaining and creating employment.

The Council discussed the climate change negotiations in Copenhagen and reconfirmed the position it agreed at the October Council regarding a commitment to step up to 30% emission reductions provided that other nations make comparable commitments. The Council also agreed that the Union and its member states would contribute €2.4 billion annually to fast-start financing for the years 2010 to 2012. Ireland is very supportive of fast-start financing and I have made a commitment on behalf of Ireland for an amount of up to €100 million over three years. This is a very significant contribution at any time, but especially in the budgetary context we face today. It reflects our fair share of the Union's efforts and is consistent with our long-standing commitment to contribute on that basis.

The Council also adopted a new multi-annual programme, known as the Stockholm programme, for the further development of an area of freedom, security and justice for the years 2010 to 2014. We can expect to see improvements in the coming five-year period in mutual recognition and in strengthening co-operation on law enforcement, border management, civil protection and disaster management.

On external relations, the Council adopted conclusions on the Eastern Partnership and the Union for the Mediterranean, in addition to declarations on Iran and Afghanistan.

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