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24 May 2012

Statement by European Commissioner for Resarch, Innovation and Science, Máire Geoghegan-Quinn, on the Fiscal Treaty


Máire Geoghegan-Quinn said that the only sure and certain way for Ireland to guarantee future emergency funding is to ratify the provisions of the fiscal treaty.

Ms Geoghegan-Quinn said: "This treaty is very explicit, definitive and clear on this point. Only those countries that support this treaty can draw down future emergency funding under the European Stability Mechanism. It also only takes 12 of the 17 eurozone countries to ratify this treaty so as to give it legal effect."

"Rejecting this treaty will leave Ireland in a financial no man's land – unnecessarily exposing our country to uncertainty as to where future funding might be secured from, and at what cost. And this is at a time when Ireland is borrowing €300 million every week to pay for the day-to-day running of our country.

"The Irish people, by sending a clear signal that they support responsible budgetary discipline, will help to maintain employment in Ireland and create the economic conditions to secure more foreign direct investment to locate in our country. Families all over Ireland manage their weekly and monthly budgets carefully – it is very important that countries do the same.

"Budgetary discipline and growth initiatives are two sides of the same coin. The European Commission has been to the forefront in pushing the debate that is now taking place in Europe concerning the issue of how best to support growth within the economies of the European Union.  

"We need stability within the eurozone if we are to create the conditions for economic recovery. Increasing the level of exports of Irish goods and services into the eurozone is one of the most important strategies for Ireland in supporting our economic recovery."

Press release



© European Commission


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