I propose to take Questions Nos. 16, 41, 59 and 71 together.
As regards economic and social cohesion, there can be no doubting the considerable importance which Ireland attaches to this issue and our formal submission to both Inter-Governmental Conferences last January, and our contributions to the subsequent discussions, have underlined that fact. Any satisfactory outcome at the Maastricht European Council will have to include a strengthening of the present Treaty articles on cohesion. This is essential if a framework is to be provided within which the Community can develop the instruments necessary to secure adequate progress in this area. Political commitments designed to underpin this framework will also be essential. I would add that, while expenditure instruments, for example, the existing Structural Funds, are one aspect of cohesion, other instruments relating to the revenue side, of the Community budget and to the formulation and implementation of common policies and actions are also of importance.
At this stage, I should like to make the general point that the Luxembourg draft Treaty on the union, which was laid before both Houses of the Oireachtas last July, reflected the position after six months work in the Inter-Governmental Conferences on economic and monetary union and on political union. Following further discussion under the auspices of the Dutch Presidency, a revised treaty proposal on economic and monetary union has now been produced and this is now the working document for the Inter-Governmental Conference on this topic.
As is clear from that document, economic and monetary union will create new areas of competence for the Community. In addition, a new institution, the European Central Bank, will be created to manage a single currency and a single monetary policy. It follows, therefore, that the existing institutional balance will have to be examined in the context of the changed circumstances which will be brought about by full economic and monetary union. Of course, this is a matter which is also being given detailed consideration by the Political Union Conference.
With regard to the European Parliament and economic and monetary union, the Luxembourg draft treaty proposed that Parliament should have a particular role in relation to the democratic accountability of the European Central Bank and that it should have a consultative role in the decision to advance to Stage III of economic and monetary union. The recent Dutch Presidency draft treaty suggests other areas where Parliament might reasonably have some involvement, for example, in relation to the rules necessary for the co-ordination of economic policies within the Community.
While no final agreement has yet been reached on these proposals, discussions within the Conference on Economic and Monetary Union would indicate that there is a genuine appreciation of the need to provide Parliament with a relevant role in this area.
Concerning the publication of a White Paper, the Government have indicated that, prior to any referendum which may be necessary following the completion of the Inter-Governmental Conferences, a White Paper will be published which will cover all aspects of the proposed changes in the treaties.
I think Ireland's general position on economic and monetary union is quite well known at this stage and does not require too much reiteration. We strongly favour this advance towards closer integration within the Community and, while appreciative of the benefits which may accrue from our participation in that union, we are also concerned to ensure that those benefits are distributed in an equitable manner.
Finally, on the specific issue raised by Deputy Flanagan, the current draft treaty envisages that the European system of central banks will be established shortly before the move to the final stage of economic and monetary union and that it will take upon itself the full exercise of its powers from the first day of that stage. The beginning of the final stage of economic and monetary union will also see the irrevocable fixing of exchange rates which is designed to lead, without undue delay, to a single currency. The treaty will not include a date for the final stage since the move to that stage will be contingent upon a number of developments with the Community.