Lucinda Creighton (Dublin South East, Fine Gael)

I propose to take Questions Nos. 10, 24 and 37 to 40, inclusive, together.

When EU and euro area leaders met on 26 October, they agreed a comprehensive package of measures to restore stability to the euro area. The deal covers all the key issues, including bank recapitalisation, debt sustainability for Greece, robust firewalls to prevent contagion, and improved governance within the euro area. In each area Irish interests have been fully protected.

The deal, together with the growth promoting measures agreed by the European Council on 23 October, constitutes a complete package that will allow the European Union to address the immediate challenges posed by the financial crisis, while also focusing on supporting the development of sustainable growth and jobs at national level. If implemented in good faith and in full, I am confident that this balanced and robust set of measures can provide the basis for a return of stability and confidence to the euro area and, more broadly, the European Union.

As well as addressing the immediate issues of concern, euro area leaders further agreed on 26 October that the President of the European Council, working closely with the Presidents of the European Commission and the eurogroup, would prepare a report for the December European Council on possible steps to further strengthen economic convergence within the euro area, improve fiscal discipline and deepen economic union. As part of that report, President Van Rompuy will explore the possibility of limited treaty changes. The December report is to propose a roadmap for how to proceed. This will, of course, be the subject of discussion in the run-up to and at the December European Council meeting. A further report with proposals on how to implement the measures agreed is to be finalised by March 2012.

The Government has consistently advocated that the first step is to examine what needs to be done and only then to identify how best to achieve it. I am satisfied that the approach being adopted is the right one. We continue to maintain that the existing treaties provide considerable potential which, as yet, remains untapped. We will continue to pursue this point. It should be noted that the principles of conferral, subsidiarity and proportionality remain critical foundations on which the relationships between member states and the European Union are built. I welcome the improvements the Lisbon treaty made in these areas and believe they are working well.

While new treaty changes will not form part of our response to the immediate crisis over the longer term, they comprise one of a range of possibilities that President Van Rompuy has been asked to explore. It should be clearly understood that although a particular treaty change may not have direct consequences for every member state, treaty change is always a matter for the 27 member states of the European Union and must be agreed on the basis of unanimity.

Together with the Taoiseach, Tánaiste and other members of Government, I will continue to engage proactively with our EU partners on every issue in respect of which Ireland's interests are at stake. In addition to my having met EU colleagues on the margins of regular European Council meetings, I have visited a range of European capitals for consultations and will be extending these bilateral contacts over the period ahead.

See this speech in context