Dáil Éireann Debate, Tuesday - 21 February 2012
205 Deputy Gerry Adams asked the Minister for Finance if the linking of accessing the European Stability Mechanism to the new fiscal compact treaty was discussed at the EU Council meeting on 30 January 2012; and the position he took on this issue. [6589/12]
View answerThe preamble to the Inter-Governmental Treaty agreed by Heads of State or Government on 30 January stresses the importance of the European Stability Mechanism (ESM) Treaty as an element of strengthening the Economic and Monetary Union. It also states that the granting of new assistance from the ESM will be conditional, from 1 March 2013, on ratification of the Inter-Governmental Treaty. The ESM Treaty contains a similar provision. The ESM Treaty states that both Treaties are complementary in fostering fiscal responsibility and solidarity within the Economic and Monetary Union.
It has been clarified that the linkage of both the ESM and the Inter-Governmental Treaties refers to new applications for assistance under the ESM and will not affect the transfer to the ESM of undisbursed amounts promised to Ireland (and other programme countries) under the EFSF. Ireland is in favour of seeing responsible fiscal management put in place across the EU to ensure that future growth and prosperity is assured. It is only through growth that we can overcome the unemployment challenge which we face.
