Denis Naughten
Question:41 Mr. Naughten asked the Minister for Finance the status, remit and function of euro eleven; and if he will make a statement on the matter. [13640/98]
Written Answers. - Economic Policy Co-ordination.
The European Council meeting in Luxembourg on 13 December 1997 adopted a resolution on economic policy co-ordination in stage 3 of EMU. This Resolution provided for informal meetings among the member states participating in the euro area to discuss issues connected with their shared specific responsibilities for the single currency. The resolution describes the status, remit and function of the informal meetings in the following terms:
By virtue of Articles 103 and 145 of the Treaty, the ECOFIN Council is the centre for the co-ordination of the Member States' economic policies and is empowered to act in the relevant areas. In particular, the ECOFIN Council is the only body empowered to formulate and adopt the broad economic policy guidelines which constitute the main instrument of economic co-ordination.
The defining position of the ECOFIN Council at the centre of the economic co-ordination and decision-making process affirms the unity and cohesion of the Community.
The Ministers of the States participating in the euro-area may meet informally among themselves to discuss issues connected with their shared specific responsibilities for the single currency. The Commission, and the European Central Bank (ECB) when appropriate, will be invited to take part in the meetings. Whenever matters of common interest are concerned they will be discussed by Ministers of all Member States.
Decisions will in all cases be taken by the ECOFIN Council in accordance with the procedures determined by the Treaty.
I participated in the first meeting of the Euro-XI Group which took place in Luxembourg on 4 June. This meeting discussed mainly organisational matters and the general macroeconomic situation in the euro area.
The ECOFIN Council, meeting on 5 June, was informed about the outcome of the meeting of the Euro-XI Group by Mr. Edlinger, Finance Minister of Austria, who chaired the first meeting of the group.