Phil Hogan (Carlow-Kilkenny, Fine Gael)
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Question 16: To ask the Minister for Finance when the terms of the stability pact are likely to be revised; and if he will make a statement on the matter. [7076/05]

Brian Cowen (Laois-Offaly, Fianna Fail)
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The European Commission presented a formal communication on 3 September 2004, outlining a range of proposals for strengthening economic governance in the European Union and clarifying the implementation of the Stability and Growth Pact. Since then, the issues involved have been the subject of detailed and wide-ranging discussions.

The most recent discussions took place at the ECOFIN Council of 17 February 2005, when Ministers made further progress in identifying areas of common ground. Consideration of the issues involved is still ongoing. The Luxembourg Presidency has expressed its aim of finalising the review of the pact by the spring European Council on 22 and 23 March 2005.