Eamon Gilmore (Dún Laoghaire, Labour)

The Taoiseach joined with the Heads of State or Government of 24 other EU Member States in signing the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union, subject to ratification, as recently as 2 March.

In signing the new treaty, the governments of the 25 contracting parties have indicated their support for the treaty as a demonstration of a shared commitment to sound and sustainable public finances and as a means to promote conditions for stronger economic growth in the EU. Each will now work to ensure ratification in accordance with their respective constitutional requirements.

As our European partners respect our ratification procedures, it would not be appropriate for me to comment on what this might entail in the case of other contracting parties, nor would it be proper to comment on the internal politics of another member state. What is clear, however, is that while the new treaty is an important step in re-establishing confidence in economic and monetary union it will not, on its own, answer all the challenges faced by the euro area. A great deal has already been done in that regard, including through strengthening the Stability and Growth Pact, reforming banking and putting the EFSF and ESM in place.

The Government has consistently argued that Europe also needs measures to generate growth and to get people back to work, particularly young people, and I am pleased to announce there is now agreement on this balanced approach. This will be the most important and urgent issue facing the Union in the period ahead.

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