Paul Coghlan (Fine Gael)

A most significant event took place yesterday, which I am sure we all greatly welcome, namely the ECB co-ordinated campaign with the Federal Reserve, the Bank of England and other leading countries' central banks. It is a programme to make available cheap-dollar money to last into 2013. We have already seen the boost it has given to markets and I hope it will instil confidence. Although obviously more needs to be done, when the European leaders meet on 9 December, I hope they will be forceful in achieving further stabilisation of the euro. They need to ensure that the stability fund, the EFSF, is further strengthened because without that we will not have the consistency and continuity that is so necessary.

What happened yesterday is a huge first step and has already boosted confidence. It is hoped this can be built upon without treaty change. As stated by the Taoiseach, EU budget rules can be enforced without treaty change. If treaty change is necessary, let is consider it. I accept going that route will take a lot longer. I wish the Taoiseach and Minister for Finance well. I ask that the Leader provide time for a debate on the euro and the future of the eurozone.