Vol. 486 No. 1
483 Mr. McDowell asked the Minister for Finance if the ECOFIN Council of 19 January 1998 discussed the rate at which currencies would be fixed in joining the euro on 1 January 1999; and if he will make a statement on the matter. [1948/98]
It would not be appropriate for me to say whether the last ECOFIN meeting on 19 January discussed the issue of euro conversion rates because the issue is highly market sensitive.
I will only restate what I have already said before which is that there will be a pre-announcement of bilateral exchange rates of the currencies of the participating member states at the same time as the participants in EMU are decided and announced, which is due to take place in the first weedend of May 1998. As regards the Irish pound, I have already said many times that the 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.
