Michael Creed (Cork North West, Fine Gael)
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Question 220: To ask the Minister for Finance the discussions if any that have taken place at the Council of Finance Ministers regarding the establishment of an EU equivalent of the International Monetary Fund; and if he will make a statement on the matter. [39307/10]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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I assume the Deputy is referring to the proposal for the establishment of a permanent crisis resolution framework in the EU. The report on the Van Rompuy Task Force, which is being submitted to the European Council of the 28th - 29th October, concluded that this proposal requires further work. The Task Force also notes that as it may imply a need for Treaty changes, depending on its specific features, it is an issue for the European Council in the first instance. The recent Franco-German declaration of 18th October 2010, which proposes an amendment to the Treaties for this purpose, will feed into deliberations on this matter.