Vol. 470 No. 4
297 Mr. B. Ahern asked the Minister for Agriculture, Food and Forestry the preparations, if any, being made in his Department for the advent of the single currency; if he will give details of the reports, if any, on the effect of the single currency on the farming sector and related industries; and if he will give details of the research, if any, conducted into the effect on those sectors of the United Kingdom remaining outside the single currency. [19326/96]
The Department has appointed a representative to the Single Currency Officers' Team. This group which is chaired by a representative of the Department of Finance, has a co-ordinating role in the approach to, and preparation for the single currency by all Government Departments.
The ESRI report on Economic and Monetary Union which was commissioned by the Department of Finance was completed in August of this year. Officials from the main economic Departments, including my Department were represented on the European Monetary Union steering group. Part III of the study contains sectoral studies including a chapter on the agricultural sector. It also examines the currency exposure and interest rate sensitivity of 40 industrial sectors including a number of food and drinks groups and assesses the impact on these sectors should the UK remain outside the European Monetary Union. The details of this analysis and the conclusions reached in relation to the agriculture sector and the food industry are contained in the ESRI report itself.
