asked the Minister for Finance if Ireland is participating in an EEC context in the co-ordinating group for the short-term economic policies and in the Short-Term Economic Committee; and, if so, if he will explain the functions of these committees.
Ceisteanna—Questions. Oral Answers. - Economic Policy Committees.
26.
I replied to a similar question by the Deputy in July of last year, Official Report, Volume 267 of 5th July, 1973, column 441/2, when I indicated that this country participated in the work of both groups mentioned.
Since then, the Short-Term Economic Policy Committee has been abolished and its functions transferred to the Economic Policy Committee by a Council decision of the 18th February, 1974. The new Economic Policy Committee exercise all the functions previously assigned to the Short-Term Economic Policy Committee, the Medium-Term Economic Policy Committee and the Budgetary Policy Committee. It was established to advise the Commission and the Council on the formulation of short and medium-term economic policy and budgetary policy and to promote the co-ordination of these policies throughout member states.
The Co-ordinating Group for Short-Term Economic and Financial Policies was set up pursuant to a Council resolution of 21st March, 1972. The function of the group, which is attached to the Council, is to ensure a permanent exchange of information by the member States as regards their short-term economic and financial policies, and co-ordination of these policies in the framework of the economic policy guidelines established by the Council. The group consists of a single representative, at the highest official level, of the relevant Minister or Minister in each member state and a representative of the Commission.
This country is represented on and participates in the work of the Economic Policy Committee as it did in the former Short-Term Economic Committee and continues to do in the Co-ordinating Group.
Is the Minister satisfied that the Finance Bill at present before the House is in accordance with the recommendations of this committee?
I am satisfied it is.
Is the Minister satisfied that the amount of budget deficit is in accordance with the recommendations of this committee?
I am satisfied it is.