John Bruton
Question:19 Mr. J. Bruton asked the Minister for Finance if he will outline his views as to the minimum number of countries required to move to the third stage of Economic and Monetary Union.
Written Answers. - European Economic and Monetary Union.
According to Article 109j of the new Treaty on European Union, the following procedure is to be observed in the decision to be taken on the timing of the move to the third stage of economic and monetary union.
No later than 31 December 1996, the Council, meeting in the composition of Heads of State or Government, will essentially decide on a date for the start of the third stage if a majority of member states fulfils the necessary conditions. (This majority will be a minimum of seven and will exclude the UK and/or Denmark if either or both of these countries has notified the Council that they do not intend to proceed to the third stage.) If by the end of 1997 the date for the beginning of the third stage has not been set, that stage will start on 1 January 1999. At that point, no minimum number of eligible member states will be required.
On the basis of the commitment of member states to the achievement of rapid economic convergence, I am confident that, by the time of the Council decision to be taken before 31 December 1996, the bulk of the member states will meet the criteria for, and be ready to move to, the third stage. I would also be hopeful that, by that stage, the UK and Denmark would have signified their intention to participate in the third stage.