Dáil Éireann debate -
Thursday, 23 May 1996

Vol. 465 No. 8

Written Answers. - European Monetary Institute.

Thomas P. Broughan

Question:

60 Mr. Broughan asked the Minister for Finance the number of Irish personnel in the European Monetary Institute; the current role of the institute in Irish monetary policy; and its projected role after 1 January 1999. [10696/96]

Minister for Finance (Mr. Quinn)

I have no direct responsibility for recruitment to the European Monetary Institute (EMI) which operates independently in this regard. However, I understand that at present there are ten Irish nationals working for the EMI.

The European Monetary Institute is the forerunner of the European Central Bank and its role is set out in the Treaty on European Union (Article 109f) and in Protocol No. 4 to the Treaty on the Statute of the European Monetary Institute. This role includes strengthening co-operation between national central banks and strengthening the co-ordination of the monetary policies of the member states, with the aim of ensuring price stability. As the Deputy will be aware, implementation of monetary policy in Ireland is a matter for the Central Bank of Ireland, which is an institution independent of the Government. The Governor of the Central Bank is a member of the Council of the European Monetary Institute.

Article 23 of Protocol No. 4 of the Treaty prescribes that the European Monetary Institute will be replaced by the European Central Bank before the commencement date for economic and monetary union (EMU), which the Madrid European Council confirmed will begin on 1 January 1999. The role of the European Central Bank and of the European System of Central Banks is set out in Articles 104-1091 of the Treaty and in Protocol No. 3 on the Statute of the European System of Central Banks and of the European Central Bank. This role includes the implementation of monetary policy in respect of the member states in European Monetary Union. Governors of the member states participating in economic and monetary union will be members of the Governing Council of the European Central Bank.