Dáil Éireann debate -
Tuesday, 4 Apr 1995

Vol. 451 No. 5

Written Answers. - Single European Currency.

Seamus Brennan

Question:

36 Mr. S. Brennan asked the Tánaiste and Minister for Foreign Affairs his views on the statement attributed to him in the national press on 7 March 1995, to the effect that Ireland will keep up with the first group of countries aiming to join a single European currency in 1997. [5505/95]

Tánaiste and Minister for Foreign Affairs (Mr. Spring)

As the Deputy will be aware, Ireland supports the creation of economic and monetary union (EMU) and a single currency in accordance with the timetable in the Treaty of European Union. The Treaty timetable for movement to the third stage of European monetary union is, briefly, that if a majority of member states meet the conditions, the third stage can begin in 1997. If a date for the start of the third stage has not been set by the end of 1997, the third stage will begin in 1999. It is as yet too early to say whether a majority of member states will meet the necessary conditions in time to enable European monetary union to be formed in 1997.

The policy of successive Governments has been that Ireland should so conduct its affairs as to enable us to be among the first group of countries to move to European monetary union when it is established. In this context it is relevant to recall that Ireland and Luxembourg were the only two member states not judged to have an excessive deficit when the Treaty excessive deficit procedure was implemented in 1994 for the first time. A Programme of Renewal makes clear the Government's commitment to ensuring that Ireland continues to meet the fiscal conditions set out in the Treaty for participation in European monetary union. The recent budget was in line with this commitment.