Eamon Gilmore (Dún Laoghaire, Labour)

I welcome the agreement reached at the weekend by EU Finance Ministers to established a €750 billion stabilisation fund for the euro and EU economies. It is important that EU governments are prepared to act collectively to face down financial speculation against the euro and individual economics, which has caused great worry across Europe to people about their jobs, savings and prospects. I sincerely hope the agreement works.

However, I have a number of questions about it. The first relates to its implications and consequences for our national budgeting. The Taoiseach is reported as saying there will not be an early budget this year and that it is the Government's intention to have the budget as expected in December. Will he confirm that is the position? I would like him to comment on the belief that the decision at the weekend will result in greater oversight, supervision and EU involvement in national budgeting. Will the decision made at the weekend require the Government to seek approval, at least in general terms, in advance from the European Commission before introducing the next budget?

I would also like to ask about the other element of the package. The establishment of the fund is a positive development, which I welcome, but there is also the issue of the regulation of financial markets and financial activity in Europe about which the statement issued by Ministers afterwards appeared to be much more aspirational than the agreement on the fund. For example, what action will be taken against financial speculators and what action will be taken to reform the markets for government debt? The statement refers to the possibility of regulation of rating agencies. What action is envisaged on that?

Where do we stand on the regulation of hedge funds, something the Labour Party and its sister parties in Europe have sought for some time? In that context, I draw the Taoiseach's attention to reports in March, which suggested that the resistance to the regulation of hedge funds in Europe was coming in the main from London and Dublin. Where does the Government stand on the regulation of hedge funds? Where does it stand on the proposal to have a Robin Hood tax on financial transactions? I agree the establishment of the fund is a positive and welcome development. Where does the Government stand on the strengthening of regulation of financial markets in Europe?

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