Paul Coghlan (Fine Gael)

The fiscal compact framework agreed at the summit is a political agreement which is to be greatly welcomed. It is one that requires much legal and technical work which is necessary to ensure budgetary discipline and will not be available until March. Until such time as the work is complete the Attorney General will not be able to give any advice on whether a referendum is required. On that work, until there is clarity on the detail, we should be patient. In so far as the agreement provides a firewall or backstop to protect the euro, we greatly welcome it, despite what is happening in the markets which continue to be volatile. If we are to have the necessary budgetary oversight and discipline in keeping our house in order, we need this agreement, even without outside interference. We should also remember that there are no tax implications involved. I am sure the Leader will arrange the debate for which Senator Darragh O'Brien has called because he was hoping to have the Minister of State, Deputy Lucinda Creighton, in the House this week. That is the fervent hope of all Members.