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Minister of State Creighton calls on EU leaders to stand by June decision to break the link between banks and sovereigns

Speaking in Luxembourg today (16 October 2012), the Minister of State for European Affairs, Lucinda Creighton TD, called on EU leaders to stand by their decision in June to break the link between banks and sovereigns.

Speaking in the context of the General Affairs Council’s discussion with European Council President Herman Van Rompuy, on preparations for the up-coming European summit, the Minister said,

“In June, EU leaders made a critically important commitment to break the link between the banks and the sovereign. We must now give effect to that decision. We need to move rapidly on banking supervision as well as on direct recapitalisation of banks by the European Stability Mechanism".

The Minister also participated in a discussion on the future of the EU budget for 2014-2020, the multi-annual financial framework (MFF), with members of the European Parliament. The Minister recalled Ireland ’s support for an EU budget that can support jobs and growth across Europe . The Minister stressed the need for a decision on the overall framework at the special European Council on the MFF in November.

The Minister also welcomed the progress made at today’s Council on the EU’s future Cohesion Package.

On the margins of the Council, the Minister represented Ireland in the OSCE- EU Ministerial meeting, recalling Ireland ’s invitation to partners to attend the OSCE Ministerial Council in Dublin in December.

The Minister also met bilaterally with her Danish and Slovenian counterparts.