Dick Roche (Wicklow, Fianna Fail)

I want to address some of the issues and members can then focus questions on the specifics. The discussion was logical until the last contribution. The Van Rompuy report and the discussions in the European Council were not about trying to force any member state into a difficult position. If Deputy Ó Snodaigh had taken the time to continue reading the conclusions, he would see that the point made by Deputy Howlin in his excellent contribution is addressed in the final sentence of the paragraph on economic governance. As Deputy Howlin said, the measures proposed in the Van Rompuy task force reports are not being taken to punish someone. Rather, they are taken for a purpose and it would be far better if the focus on the debate was on the purpose. He stated: "The result [of implementing these changes] will be a substantial strengthening of the economic pillar of EMU, enhancing confidence and thus contributing to sustainable growth, employment and competitiveness." This was the point made by Deputy Kenny, enhancing confidence and contributing to sustainable growth, employment and competitiveness. That is the objective of the main political parties in this country. That is why the political parties have an unusually high degree of consensus on the imperative of the 2014 date and the 3% target. Deputy Ó Snodaigh is entitled to take a view on that but it is an occasion when he is out of step with reality rather than reality being out of step with Sinn Féin. He is used to this.

Three contributions made reference to the rating agencies. My views on these agencies and their borderline criminal activities are well known. Deputy Barrett raised a specific question, as did Deputy Howlin. The European Commission is working on proposals in that regard. That is something positive. Deputy Ó Snodaigh made reference to it also. It is extraordinary that agencies that were registering junk bonds at AAA rating should still be allowed to make judgments on sovereign states.

The other big issues that arose in the meeting were the G20 Summit, the Cancún conference and preparations for summits with third countries. These issues were extensively discussed not just during the course of the Council itself but they were more extensively discussed earlier in the week in the General Affairs Councils and Foreign Affairs Councils which I attended.

The European Council prepared the EU's position for the G20 Summit due to take place later this month in Seoul. The EU will be represented by President Van Rompuy and President Barroso. The European Council discussion was intended to offer them orientations on the issues of greatest priority to the EU. While Ireland is not a member of the G20, the EU participation provides us with a useful window and an opportunity to put our view forward in terms of the upcoming deliberations.

The European Council conclusions highlight the need for the G20 Summit to send an ambitious signal concerning the concrete and timely implementation of measures agreed in the framework for strong, sustainable and balanced growth. The conclusions also underline the continued need to keep markets open. One of the important points in that regard was to inject momentum into the Doha trade negotiations and to avoid all forms of economic protectionism. The European Council also signalled openness on the part of the EU to comprehensive reform of the International Monetary Fund, IMF, and expressed its support for the recently adopted Basel III agreement on the capital requirements applying to banks, which will be beneficial if adopted in Seoul.

The European Council finalised the EU's position for the forthcoming Cancún conference on climate change, which was mentioned in a number of contributions, in particular by Deputy Barrett. The Council confirmed the willingness of the European Union to consider a second commitment period under the Kyoto Protocol, provided that other developed countries commit themselves to comprehensive emissions reductions as well. That is the whole point of the European Union stance. It is willing to go beyond 20% but it expects other states, emerging and developed, to make their contribution too.

The other issue related to preparation for EU summits with third countries. Specifically, we are looking forward to the summit with the United States that will take place on 20 November. A particular issue for discussion is the Transatlantic Economic Council. The European Council noted that the summit with the Ukraine will be a useful opportunity to engage the new administration on the reform process. That will be followed by a summit with Russia. I look forward to taking specific questions on other issues of concern.

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