Lucinda Creighton (Dublin South East, Fine Gael)

It is a step in the right direction, in that we have always envisaged a greater role for the ESM. In this regard, the Irish position extends further than what was agreed at the summit. The Taoiseach, the Minister for Finance and I have advocated a banking licence for the ESM, which would dramatically enhance the fund's capacity to purchase bonds and apply leverage. However, this is slightly more ambitious than what is envisaged by the Heads of State and Government.

See this speech in context