Michael Noonan (Limerick City, Fine Gael)

A full debate took place in the European Parliament on the six pack of measures to which Deputy Clare Daly referred. This House will also engage in a full debate on them.

I would be here through Private Members' time if I outlined it in detail. In general terms it is the development of the stability and growth pact with the right to intervene earlier in the budgetary process. There are also sanctions at the end for countries that do not stay within the terms of the pact. It is an agreement freely entered into by the nations of the eurozone, with a new set of rules for countries participating in the eurozone. There are also other elements, such as early warning systems, if the European authorities believe there is a property bubble in a country like Ireland. If the new rules existed three or four years ago there would have been intervention and an indication that the property bubble would get us into dreadful trouble.

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