Vol. 481 No. 2
47 Mr. Wall asked the Minister for Finance his views on the nature of the best methodology to fix the rates of the different currencies in member states of the EU who intend to qualify to participate at the commencement of economic and monetary union; if he has conveyed this to the relevant authorities in the European Commission and the European Monetary Institute. [15710/97]
Last month's informal ECOFIN agreed that, at the same time as the participants in stage 3 of EMU are announced around May next year, there will be a pre-announcement of the bilateral exchange rates of the currencies of the participating member states. These rates will become effective on 1 January 1999 and, in line with the Treaty on European Union, the actual setting of the conversion rates against the euro can only take place on that date. As regards the conversion rate of the Irish pound, I will only say that the Irish Government's intention is that Ireland joins EMU at an exchange rate that meets the needs of the economy in the fullest sense of the term, and that between now and decision day we will be keeping the issue under active review.
