Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

It is worth making clear that the eurozone's so-called budgetary instrument for convergence and competitiveness, BICC, will almost certainly only apply to countries in the eurozone. This has been at the heart of the debate on it. Regarding the claims of French newspapers, it is up to other countries' newspapers and governments to decide whether they have made progress on their national priorities. It has been agreed that there is value in putting an additional eurozone mechanism in place to help countries that get into difficulty. That is of value to us because we have learned that sharing a currency with other countries means we all depend on the strength of each other. That is why on balance there is value in a budgetary instrument like this. There is a "but". First, its funding has not been agreed; and second, its governance has not been agreed. They are matters in which we have a national interest and on which I will update the House as we move forward on this issue.

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