asked the Minister for Finance if there has been any progress towards the establishment of an economic and monetary union in Europe since the Government's report to the Houses of the Oireachtas in May, 1973.
Ceisteanna—Questions. Oral Answers. - European Economic and Monetary Union.
40.
As mentioned in paragraph 14.5 of the First Report on Developments in the European Communities, referred to in the Deputy's question, the Commission submitted a Communication to the Council in April, 1973, on the progress achieved in the first stage of economic and monetary union and on measures suggested for adoption during the second stage of the union.
Following examination of these measures within the Community, the Commission submitted revised proposals which were considered by the Council on 4th and 17th December, 1973.
At their meeting of 17th December, 1973, the Council agreed the text of a resolution on the introduction of a second stage of economic and monetary union which would cover the period 1974-1976, subject to later settlement of paragraphs dealing with regional and certain other socio-economic policies. The Council also agreed the texts of accompanying instruments as follows:
Directive on stability, growth, and full employment. This relates to the availability to Member States of an adequate set of economic policy instruments for the promotion of stability, growth and full employment in the Community;
Decision on the attainment of a high degree of convergence of the economic policies of the Member States. This provides for the introduction of more effective measures for consultation between the Member States and the establishment of economic policy guidelines at Community level;
Resolution concerning short-term monetary support. This provides for an increase in the amount of short-term monetary support available to Member States experiencing balance of payments difficulties;
Decision setting up an Economic Policy Committee. This provides for the reorganisation of certain committees with a view to achieving better co-ordination of economic policies.
At their meeting of 18th February, 1974, the Council formally adopted these instruments; formal adoption of the resolution, which depends on agreement in the Council on regional and other policies, as referred to earlier, is still held over.
After all that, could the Minister say if there is any prospect of having an international monetary union?
I am an optimist by nature.
But the Minister does not know.