I propose to take Questions Nos. 55, 68, 70 and 96 together.
The ESRI report on the Economic Implications for Ireland of economic and monetary union, an independent study which I commissioned earlier this year, is a comprehensive analysis of the impact of economic and monetary union on the Irish economy. A primary focus for the study was an examination of the possible effects where the UK, at least, stayed outside the euro zone. The consultants concluded that, on balance, membership of economic and monetary union, even were the UK not to join, would be beneficial for Ireland.
The detailed sectoral analysis in the ESRI report of the impact of economic and monetary union on the tourism, retailing, agriculture, manufacturing industry and financial services sectors should be of considerable interest to all those wishing to obtain information on the effects of economic and monetary union, both in the Border counties and elsewhere.
As regards Deputy Cullen's question regarding discussions with the UK, the UK Government has indicated that it will not decide whether the UK will participate in economic and monetary union from the outset until closer to the economic and monetary union start date of 1 January 1999. I have not separately met with the Chancellor of the Exchequer to discuss the UK position. Of course ECOFIN, the Council of Finance Ministers, which meets almost every month, provides me with an opportunity to discuss the preparations for economic and monetary union with all my EU colleagues.
