The EU's new 'fiscal compact,' comes into effect next Tuesday.

The treaty was passed in Ireland on May 31st which means Ireland and other countries within the Eurozone must now comply with a 'balanced budget rule' to ensure that governments don't run the massive budget deficits which sparked the financial crisis.

The Fiscal Stability Treaty also lays down penalties for any countries that break the rules.

The treaty required ratification by 12 eurozone member states and with Finland doing so last week, it will now come into force on January 1.

To remind yourself what the Fiscal Compact contains, watch RTE's Frontline debate below: