FISCAL COMPACT:This phrase describes the new rules proposed for the 17 States in the euro zone. The compact will require budgets to be balanced or not to exceed a tiny deficit; oversight of budgets by the European Commission and by the European Court of Justice; and penalties for failing to comply with the new rules.
ESM:European Stability Mechanism, the permanent bailout fund that was supposed to replace the temporary fund, the European Financial Stability Facility. But the EFSF will continue to fund countries such as Ireland. The ESM will be used to deal with whatever happens after May. Ireland will contribute €250 million to it.
PSIPrivate Sector Involvement. It was originally envisaged that there would be participation by the private sector in the ESM but a number of leaders, Enda Kenny among them, cavilled about that. The PSI clause was removed.
FSUThe new acronym that may describe the group that will observe the tougher fiscal rules. It stands for Fiscal Single Union.
Euro Plus PactEconomic reform programmes that include programmes for job creation and economic competitiveness.