Darragh O'Brien (Fianna Fail)

Senator Barrett deserves immense credit for that. The Bill provides more clarity that we received from last weekend's summit in Brussels. Senator Gilroy made a fair point about the importance of finding out what really happened last weekend and what it means for the country. Whatever changes are proposed, they will be substantial enough to require a referendum. Whether a referendum is legally required or not, the people deserve a say in any changes that are made. The sooner the Government gives as much clarity as it possibly can on the negotiations last weekend and the ramifications for the country the better. This is not a criticism. I am just giving a point of view. I do not believe the country can wait until March. President Sarkozy has said he will have his legal advice by Christmas. The Taoiseach says he expects to have legal consultation completed by March. That lead time is too long. I ask the Minister of State to expedite that.

Fianna Fáil supports the introduction of a fiscal responsibility Bill and we support the Bill introduced by Senator Barrett. We state our commitment to such a measure in the National Recovery Plan 2011-2014 and we are committed to the memorandum of understanding. We all want additional transparency.

The Government has established the Irish Fiscal Advisory Council, but the fiscal council has reported only once. It did not even report formally after the budget. In Britain, there is a totally different situation where, as the Chancellor of the Exchequer is delivering the budget, the fiscal council gives a commentary on it. The Irish Fiscal Advisory Council has not even commented on the capital plan. I mean no reflection on the individuals who are members of the fiscal council when I say it lacks the statutory powers required to ensure that its voice is heard. That is why a fiscal responsibility Bill is required. When the fiscal council advised the Government that the adjustment should be to the tune of €4 billion, the Government simply said it did not like that figure and did not accept it. While I accept that the Government's task is to govern, after the budget I would have thought the fiscal council should have reported on the budget, how it will play out and what it is predicated on. The projected growth rates on which the budget was predicated have already been revised downward by the OECD and the ESRI. I believe in what Senator Barrett's Bill is trying to do. That is why I will be voting for it. Until a body is set up on a statutory footing to give it real powers it will not have the required effectiveness. We live in difficult times, and not only in Ireland. It is good to see Irish people taking a broader European and worldwide view of late. That was not the case in 2008 and 2009. The Bill will ensure proper oversight and reporting on our budgets. This is badly needed.

The Minister for Finance has given a commitment that the Government will bring forward a fiscal responsibility Bill. Can the Minister of State tell us when that will happen?