Lucinda Creighton (Dublin South East, Fine Gael)

I agree with the need to rebalance the relationship between stronger and weaker member states and we are beginning to see movement in that direction. I have previously noted in the Chamber that wage agreements in countries like Germany in particular are important in terms of driving demand for goods and services from the weaker countries, especially Ireland as an exporting nation.

The Taoiseach has already made it clear that we will not speculate on the outcome of our negotiations. The significance of the summit is that we have agreement at the highest political level in Europe to deal specifically with and address the Irish debt sustainability issue. That is in the context of the agreement to allow the ESM to recapitalise banks directly in the eurozone. There is enormous potential but I will not begin to second-guess what is likely to emerge from the euro group negotiations that will begin on Monday, with the attendance of the Minister for Finance. Suffice it to say that the Government will use every avenue and opportunity to maximise the potential of that very significant political agreement to reduce the debt burden on the State. Whether the issue will take in promissory notes or the other components of our banking debt assumed as sovereign debt, I will not speculate on the elements. It is a very significant political agreement and we must implement it through the best possible means available to us. We will work through that in the weeks ahead.

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