Ireland Midlands-North-West MEP Pat the Cope Gallagher has today welcomed the outcome of last night’s vote on “the Enquiry Report on the role and operations of the Troika” by the Economic and Monetary Affairs Committee of the European Parliament.
The Report approved by the Economic and Monetary Affairs Committee includes a key amendment drafted by Pat the Cope Gallagher MEP.
The overall Report highlights weaknesses in the Troika structure and recommends urgent improvements. The Report also delves into the situation in the four programme countries including Ireland that required external assistance from the European Commission, ECB and the International Monetary Fund.
Specifically, Mr Gallagher drafted a key amendment related to Ireland’s bank debt. The amendment known as Compromise J calls for the full implementation of the June 2012 commitment by EU leaders to break the vicious circle between bank and sovereign debt.
Furthermore, Mr Gallagher’s amendment which was approved by MEPs calls on EU leaders to substantially alleviate Ireland’s burden of bank debt.
Mr Gallagher stated today “I welcome the outcome of the vote and in particular the adoption of my amendment. The delay in the implementation of the specific commitment by EU leaders, now nearly two years ago is simply unacceptable. EU leaders cannot make such important political commitments and then delay unduly in implementing them.”
“I hope that this amendment will help the Irish Government to expedite a solution to this critically important economic matter and I call on the Government and the Taoiseach, in particular to raise this point with the EU leaders at the next available opportunity” concluded Mr Gallagher.
Note to Editor: Text of Compromise J as passed by the Economic and Monetary Affairs Committee, 24 February 2014 in Strasbourg:- 5 c (NEW) Calls for the full implementation of the June 2012 commitment by EU leaders to break the vicious circle between banks and sovereigns and to further examine the situation of the Irish financial sector in a manner that substantially alleviates Ireland’s heavy burden of bank debt; (AM 438 Gallagher et al)