The Fiscal Compact Treaty is a key ‘building block’ for Irish economic recovery – Cope

Pat the Cope Gallagher MEP outlined his support for the Fiscal Compact Treaty last night when speaking in the European Parliament in Strasbourg.

Mr. Gallagher said in the Strasbourg chamber “I believe that the ratification of the Fiscal Treaty is a key building block for economic recovery in Ireland and within the Eurozone. The economic problems facing Europe in recent years have required a response across a range of different policy areas.”

“In recent years, the EU has rightly brought in new laws to tighten up the regulation of the financial services industry. And now the EU is bringing forward a new Treaty that will help to bring stability to the Eurozone area.”

“Without a stable Eurozone, economic recovery in Europe becomes very difficult. Financial stability will generate the economic conditions for job creation.”

“Countries who ratify this Fiscal Treaty will have access to the European Stability Mechanism. This is very important for Ireland when it seeks to return to the international financial markets.”

“Those who oppose this Treaty should spell out how Ireland can return to the international financial markets without demonstrating that we have signed up to the rules of budgetary discipline, which is a core principle of this Treaty.”

“Ireland needs to show to the international financial and lending markets that we can access the European Stability Mechanism at a future date, if such a requirement to do so would ever arise.”