Simon Coveney (Cork South Central, Fine Gael)
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Question 82: To ask the Minister for Finance when the terms of the Stability and Growth Pact are likely to be revised; and if he will make a statement on the pact. [29900/04]

Michael D Higgins (Galway West, Labour)
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Question 136: To ask the Minister for Finance his views on the need for reform of the Stability and Growth Pact; and if he will make a statement on the matter. [29858/04]

Brian Cowen (Laois-Offaly, Fianna Fail)
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I propose to take Questions Nos. 82 and 136 together.

The European Commission presented a formal communication on 3 September 2004 outlining its proposals for strengthening economic governance and clarifying the implementation of the Stability and Growth Pact.

The process of discussion of the Commission's proposals is now under way. At the recent ECOFIN Council of 16 November, Ministers had a useful exchange of views on the subject. The Council requested officials to continue work on the issues involved and to report back, with a view to enabling the Council to conclude the review early in 2005.

Ireland is engaging fully with the ongoing discussions to encourage sensible reforms which are in line with Ireland's economic priorities. For example, Ireland has long argued that low debt countries should have some flexibility in allocating resources towards their investment needs. The Commission proposals include a move in this direction. I look forward to further productive discussions with my EU colleagues on this and other points in the coming months.