Lucinda Creighton (Dublin South East, Fine Gael)
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Question 197: To ask the Minister for Finance when the European Council will consider the European Commission's Communication COM (2010) 25; the powers the European Council has to veto the Irish budget; and if he will make a statement on the matter. [20965/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The European Council has taken a number of steps in recent weeks and months to safeguard the financial stability of the euro area. However, there is a broad understanding that economic governance within the euro area needs to be improved. The Commission has contributed a Communication (2010) 250 on reinforcing economic policy coordination to which I assume the Deputy refers. The President of the European Council Herman Van Rompuy has established a Task Force to look more closely at reform and is considering many of the Commission's proposals. The Task Force - of which I am a member - has met twice already and is looking at a number of issues, including a crisis resolution mechanism for the euro area, addressing macroeconomic imbalances, reinforcing the Stability and Growth Pact and enhanced budgetary coordination. In discussing these issues, a general view is emerging that all avenues for improvements that could be advanced quickly should be considered, while taking account of national budgetary procedures and the role of national parliaments. The President will provide an interim oral report to the European Council this Thursday 17 June. A final report will be made to the European Council in October.