President of the European Commission, Mr José Manuel Barroso, congratulated European heads of state on Friday, including Taoiseach Enda Kenny, on signing the Treaty on Stability, Co-ordination and Governance in the Economic and Monetary Union.
The treaty is far from a done deal, however, with each of the contracting Member States now required to ratify the Treaty in line with their constitutional requirements which, in the case of Ireland, will require a national referendum.
“The Treaty is an important part in our global strategy to restore stability in European public finances,” said Mr Barosso. “As we have said before, stability is a prerequisite of confidence, and confidence is indispensable to sustainable growth.
“In the eyes of the world, what is at stake is the very credibility of the euro area and of Europe as a whole: its ability to deliver sustainable fiscal consolidation, growth and employment. The signature of the Treaty, not only by euro area Member States, but by 25 out of the current 27 Member States is also a very relevant political statement on the euro as the currency of our Union,” he said.
