Jim O'Keeffe
Question:60 Mr. J. O'Keeffe asked the Minister for Finance if Ireland will seek to accelerate the timetable for the establishment of the European Central Bank, and Monetary Union; and if he will make a statement on the matter.
Ceisteanna — Questions. Written Answers. - Monetary Union.
Under the Treaty on European Union, a number of steps and a timetable are laid down for the achievement of monetary union and the establishment of a European Central Bank. According to that time-table, the Council, meeting in the composition of Heads of State or Government will, not later than 31 December 1996, set the date for the beginning of the third stage of economic and monetary union if there are a sufficient number of member states which fulfil the conditions of the adoption of a single currency. If, by the end of 1997, the date for the beginning of the third stage has not been set, the third stage shall start on 1 January 1999. The date for the establishment of the European Central Bank will depend on when the third stage of the European Monetary Union begins.
The position of the Government is that the provisions of the Treaty in relation to the start of the third stage of European Monetary Union and the establishment of the European Central Bank should be adhered to. From Ireland's point of view, these provisions were designed to ensure that the necessary balance between the move to European Monetary Union and the development of the Community's mechanisms to promote economic and social cohesion, would be maintained.