Brian Cowen (Laois-Offaly, Fianna Fail)

I propose to take Questions Nos. 1 to 5, inclusive, together.

I attended a meeting of the Heads of State or Government of the euro area in Brussels on 7 May. The meeting was convened by the President of the European Council, Mr. Herman Van Rompuy, following the agreement reached by Ministers for Finance of the eurogroup on 2 of May regarding provision of financial support to Greece.

The meeting of Heads of State or Government of the euro area took place amid growing uncertainty and speculation in the markets. At our meeting we took a number of important decisions in order to safeguard financial stability in the euro area as a whole. These are set out in the statement issued at the meeting. I will mention the key elements briefly.

First, we agreed to activate the provision of funding support to Greece in a joint package with the IMF of €110 billion. Greece, for its part, reiterated its determination to implement an extensive programme of reforms. Second, we agreed on the need for continued fiscal consolidation to ensure that targets are met. In Ireland's case that means continuing with our plans to bring our deficit back to less than 3% by 2014. Third, we reaffirmed our support for the European Central Bank in its actions to ensure the stability of the euro area. Fourth, we agreed that the European Commission should immediately bring forward proposals for a European stabilisation mechanism to preserve financial stability, for finalisation by an extraordinary ECOFIN meeting on the following Sunday. That has since happened. Fifth, we decided that further measures to strengthen governance of the euro area, including strengthening the Stability and Growth Pact should be developed and agreed, in the context of the work of the new taskforce which the Spring European Council agreed to establish. Finally, we confirmed that we need to see rapid progress in the area of financial market regulation and supervision, and will return to these issues at the full European Council meeting on 17 and 18 of June.

This is an extensive package of measures and decisions, reflecting our collective determination to protect our currency and ensure financial stability in the European Union. I have received a draft annotated agenda for the June meeting of the European Council. The other issues scheduled for discussion are: Europe 2020 - A New European Strategy for Jobs and Growth; the G20 Toronto Summit; the UN millennium development goals; and climate change. In addition, there will be a presentation by Felipe Gonzales, chairman of the Reflection Group looking at the longer term issues for the European Union. The meeting will also be asked to endorse the Council's conclusions on the evaluation of the implementation of the European Pact on Immigration and Asylum.

See this speech in context