Dáil Éireann debate -
Thursday, 26 May 1994

Vol. 443 No. 3

Written Answers. - Single European Currency.

Jim Mitchell

Question:

116 Mr. J. Mitchell asked the Minister for Finance the present position in relation to the objective of a single European currency; whether any revised deadlines or new revised economic objectives are being considered; his views on the way in which each of the 12 member states and four prospective states stand both politically and economically in relation to the creation of a single European currency; and if he will make a statement on the matter.

Minister for Finance (Mr. B. Ahern)

The position in relation to the creation of a single currency is unchanged. The Treaty on European Union sets out the timetable and criteria for establishing and joining Economic and Monetary Union and for the establishment and operation of a single currency. These have not been revised nor have new objectives been added.

The Deputy will appreciate that I am not responsible for the position of other member states. However, as the Deputy will recall, ten member states accepted the Treaty provisions and in the recent accession negotiations the four applicant countries also indicated acceptance of them. I am not aware of any change of position by any member state or applicant in this regard. Economically, member states' positions have been most recently set out in the 1994 Annual Economic Report published by the European Commission.

Ireland's performance in relation to the convergence criteria set out in the Treaty is among the best in the European Union and we intend to be in a position to join European Monetary Union from its inception.