Brian Cowen (Laois-Offaly, Fianna Fail)

As I have explained, detailed budgetary decisions at a national level are not required to be provided in March of the previous year. That is a misunderstanding of the situation. The role of the Eurogroup and ECOFIN generally is to improve monitoring and surveillance of broad economic policies. Broad economic guidelines are set out, there are requirements under the Stability and Growth Pact and agreements are being reached with the many countries in excessive deficit procedures at the moment, including our own country. As Deputy Gilmore indicated, we have set out in detail what the budgetary adjustments have to be in the coming years. If they are agreed, they have to be pursued and dealt with.

By giving an indication of the commitment of Government in March to meet these targets, it reinforces confidence in the plans being implemented and reassures markets that the plans will be dealt with in the way envisaged. Other countries have specific requirements in that regard. The vast majority of countries in the Eurogroup are in excessive deficit procedures and there are procedures in place once that happens, which require governments to show how they intend getting back within the 3% deficit limit set out in the Stability and Growth Pact. This is a question of increased and improved surveillance and monitoring by the Eurogroup and ECOFIN generally of budgetary policies in line with the pact's requirements.

See this speech in context