Vol. 494 No. 4
255 Mr. Gormley asked the Minister for Finance his views on whether there is any threat to the current valuation of the Irish punt in view of recent developments in the Russian economy and the international reverberations that have followed; and if he will make a statement on the matter. [18351/98]
As the Deputy is no doubt aware, Ireland will participate in economic and monetary union, EMU, from 1 January 1999, when our currency will be the euro. The euro conversion rate of the Irish pound will be consistent with ERM central rates, as announced on 2 May last; the ERM central rate of the Irish pound against the Deutschemark is DM 2.48338.
It has been noticeable that the countries that will participate in EMU have represented a zone of relative stability in recent weeks. However, together with my colleagues in other EU member states, I am keeping developments in international financial markets under constant review.
