LABOUR PARTY LEADER Eamon Gilmore has said today that passing the fiscal stability treaty is “essential” to the future of the euro and – therefore – the future of investment in Ireland.

Speaking on RTÉ’s News at One programme, Gilmore said that one of the greatest difficulties currently faced by Ireland relates to the uncertainty of the euro, which has made securing investment from abroad difficult.

He said that supporting the treaty was not the only way of securing Ireland’s economic stability, but that it was nevertheless an “essential” step.

Questions surrounding the future of the single currency were damaging prospects of investment for Ireland more than questions about the Irish economy itself, he said, adding that the treaty would serve to establish regulations which were decided upon when the euro was first conceived.

Household charge

In relation to the household charge, Gilmore said the State needed to tackle its deficit problem – as, currently, millions of euro were being borrowed each day to finance the day-to-day running of the country.

Gilmore said that, in discussions with the Troika, the previous government had agreed to bring in a property tax in 2012. However, as a certain amount of “advance work” needed to be put in place before the introduction of a property tax, the household charge was being imposed first as an interim measure.

The Tánaiste said that a range of taxation issues would be discussed over the life of the current administration, and that he was not “closing the door” on any measure – including a wealth tax. However, he stressed that any changes must be done “fairly and equitably”.

When questioned about water meters and their installation, Gilmore said that no decision has been made on the arrangements for water meters, and that potential charge for installation has not been confirmed.

Read: The Fiscal Compact Referendum: What are we voting on and why?

Read: Text of the Treaty on Stability, Coordination and Governance in the Economic and Monetary Union >