Vol. 439 No. 7
50 Mr. Callely asked the Minister for Finance the progress that has been made towards the development of a single EU currency; if all EU members are committed to such a development; and if he will make a statement on the matter.
The Treaty on European Union came into effect on 1 January this year. As a result a number of Articles of that Treaty which will help bring about the third stage of Economic and Monetary Union (EMU) which includes a single currency are now effective. In particular, the European Monetary Institute (EMI) whose tasks include the strengthening of monetary policy co-ordination and to make preparations for the establishment of the European system of central banks, is now operational and is one step towards European Monetary Union. Other measures such as monitoring of excessive deficits in member states and prohibitions on central bank lending to Governments are designed to help convergence of the economies of member states towards European Monetary Union.
As regards other member states, I am not aware of any that have indicated that they do not wish to join the third stage of European Monetary Union. Ireland, for its part, still aims to be a member from the outset of European Monetary Union and the single currency. The other member states are also committed to European Monetary Union and the single currency, though both Denmark and the United Kingdom have indicated that they will not be party to European Monetary Union at the outset.
