Enda Kenny (Mayo, Fine Gael)

In respect of the cost, this intergovernmental agreement is not the answer to all of Europe's problems but it allows 25 of the 27 EU countries to sign up to a political process where fiscal discipline and proper governance of the economic affairs of each nation will be put into place. This means that the funding for this country, which is in a programme for the next two years, as authorised yesterday by the full meeting, will continue as it will for any other country in a programme.

It is for us here - not for Europe - to decide how we should close the gap in our spending over taxation. That is a very serious problem, as the Deputy can understand. We are taking out €3.4 billion this year. The Deputy wanted to close a gap of €15 billion to €16 billion in one year but the impact of that would be catastrophic. The economic policies his party has been pursuing have been wild in the extreme.

What is involved here is a process of ratification of this agreement, whereby the 25 countries that have signed up for this and the 27 countries of the EU will apply proper governmental standards to the running of their countries so that economies can grow, jobs can be created and the promotion of job opportunities is central to the agenda for the future. We cannot do that unless we sort out our problems. They will not be sorted unless we work with our colleagues and decide ourselves what we have to do.

As Deputy Martin is well aware, the next ten years will see an annual payment of €3 billion payment in respect of the promissory notes to Anglo Irish Bank.

See this speech in context