Micheál Martin (Cork South Central, Fianna Fail)
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To ask the Minister for Finance if the reports that the draft EU agenda for the October Council meeting contain proposals for tighter binding contracts for Eurozone countries expanding control of national economic policies are correct; his policy in relation to same; and if he will make a statement on the matter. [44101/12]

Michael Noonan (Limerick City, Fine Gael)
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Arising from the Four Presidents’ Paper on the Economic and Monetary Union was released in June, an interim report was presented by President Van Rompuy to the October European Council. Among other things, the report identified the single supervisory mechanism and the broader banking union as essential building blocks to delivering a genuine Economic and Monetary Union. The report included proposals which, according to Van Rompuy, would improve the resilience of the Economic and Monetary Union as a whole. One of the proposals in the interim report was that Member States could enter into individual arrangements of a contractual nature with the EU institutions on the reforms they commit to undertake. President Van Rompuy received a mandate, together with his colleagues, to explore the proposals further and to present a specific roadmap for the achievement of a genuine Economic and Monetary Union at the December 13-14 European Council.