Noel Davern
Question:60 Mr. Davern asked the Minister for Finance if he will make a statement regarding the uncertainty created by the British Government in relation to an EU single currency. [3877/95]
Written Answers - EU Single Currency.
Noel Davern
Question:66 Mr. Davern asked the Minister for Finance the plans, if any, he has to discuss with his counterpart in Britain the single currency for 1997 as outlined by Mr. Santer, President of the European Commission; and his views on whether the uncertainty of Britain's attitude has created problems for Ireland's participation in a single currency. [3878/95]
I propose to take Questions Nos. 60 and 66 together. I have no plans at present to discuss the creation of a single currency with my United Kingdom counterpart. As President Santer has indicated, the Treaty on European Union sets out a timetable for the establishment of Economic and Monetary Union and a single currency. This will involve consideration of the relevant issues by the Council of Economic and Finance Ministers (ECOFIN) in due course, and in that context I will be discussing the matter with all my EU colleagues, including my UK counterpart.
The UK Government has indicated that it does not expect full Economic and Monetary Union, or a single currency, to be created in 1997, and that even if the Community does proceed to Economic and Monetary Union and a single currency at that time, the UK will not participate; as regards Economic and Monetary Union and a single currency created at a later date, the UK Government has said that a decision whether to participate will be taken closer to the time. This position is not inconsistent with the Protocol attached to the Treaty on European Union which allows the UK to remain outside Economic and Monetary Union if it wishes. The other member states, including Ireland, agreed to this Protocol when the Treaty was negotiated.