Brian Cowen (Laois-Offaly, Fianna Fail)

We agree with the need for proposals on a proposed permanent crisis mechanism. As Deputy Gilmore is aware, arrangements for a facility are currently in place that end in mid-2013. It was felt that it would be generally reassuring to markets and to meet the requirements of the situation that a permanent crisis mechanism would be put on a firm legal footing.

President Van Rompuy is to undertake consultations with member states on the limited treaty change required to that effect. The European Council will come back to the matter in December with a view to taking a final decision. There is a simplified amendment procedure in the treaty. It is not the case that an Intergovernmental Conference must be held in all situations. One must await the details of the proposals but it is envisaged that this is a matter that would be decided upon in December. It is an urgent matter given the nature of the financial crisis worldwide and the need to deal with it. The Council has decided that the President of the Council will undertake consultations with member states on limited treaty change required to that effect.

On whether a referendum is required, we must examine whatever emerges from the process very carefully. It is clear that the European Council is seeking limited change. When we have a proposal we must assess carefully what steps are necessary to enable this country to ratify any change.

Until there is a specific proposal, it is not very rewarding to speculate further. Every country has to ratify according to its own constitutional arrangements. There are legal thresholds that would indicate whether referenda are required and we have to await the details of the proposal.

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