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Dáil Éireann debate -
Thursday, 20 Mar 1997

Vol. 476 No. 6

Written Answers. - Economic and Monetary Union.

Desmond J. O'Malley

Question:

24 Mr. O'Malley asked the Minister for Finance if his attention has been drawn to the increasing difficulties for the German economy in satisfying economic and monetary union convergence criteria; and if he will make a statement on the implications, if any, for the starting date of EMU of such difficulties. [7686/97]

Michael McDowell

Question:

32 Mr. M. McDowell asked the Minister for Finance if his attention has been drawn to the increasing difficulties for the German economy in satisfying economic and monetary union convergence criteria; and if he will make a statement on the implications, if any, for the starting date of EMU of such difficulties. [7685/97]

I propose to take Questions Nos. 24 and 32 together.

Three successive European Councils have confirmed that the third stage of economic and monetary union will begin on 1 January 1999. For its part, the German Government has consistently asserted its commitment to the EMU timetable and its intention of meeting the Maastricht criteria. This stance was publicly reaffirmed by my colleague, the German Finance Minister, following the meeting of Economic and Finance Ministers held in Brussels last Monday. I do not intend to speculate on the German Government's economic forecasts for 1997. I am, however, confident of the strength of the German Government's political commitment to the EMU project and its timetable.

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