Tom Parlon (Laois-Offaly, Progressive Democrats)

I listened with interest to Senators' contributions. Despite an offer to be relieved, I was pleased to remain for the full debate.

A number of Senators raised the issue of the Stability and Growth Pact. Ireland supports the pact on the basis of sound public finances in the EU. The discipline which has resulted from the pact has been good for Europe and Ireland. Sound public finances are essential to underpin business confidence and investment to sustain economic growth. Clearly there are some adjustments to be made but, contrary to news reports in the wake of this week's meeting of Finance Ministers, the Stability and Growth Pact is alive and well. The rules of the pact exist for a good reason, which is to ensure a disciplined approach to the management of public finances across the EU and this discipline remains in place.