Micheál Martin (Cork South Central, Fianna Fail)
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Question 171: To ask the Minister for Finance his views on whether the recent eurozone reform deal will be sufficient to enable the markets to respond in a positive manner; and if he will make a statement on the matter. [1916/12]

Michael Noonan (Limerick City, Fine Gael)
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The Treaty on Stability, Coordination and Governance in the Economic and Monetary Union represents a major step forward in terms of economic cooperation in the euro area. The measures contained in the Treaty will go a long way towards addressing many of the root causes of the current crisis, and will ensure much greater fiscal discipline, improved policy co-ordination and convergence, as well as enhanced governance within the euro area. Taken in conjunction with other important reforms, including the so-called 'six-pack' of legislative reforms, it is clear that shortcomings in the design of monetary union, which have been exposed by the current crisis, are being addressed in an effective manner.

Having said this, it is, of course, impossible to accurately assess the reaction of markets to policy developments, especially at the current juncture.