Dáil Éireann debate -
Tuesday, 25 May 1999

Vol. 505 No. 3

Written Answers. - Economic and Monetary Union.

John Dennehy

Question:

134 Mr. Dennehy asked the Minister for Finance if he will communicate to the European Central Bank Ireland's objection to sterling being allowed to fall significantly in value in advance of joining the European single currency as this will damage the competitiveness of our export market and is contrary to the spirit of the Single Market; and if he will make a statement on the matter. [13675/99]

Minister for Finance (Mr. McCreevy)

A decision on the UK's participation in the third stage of EMU is entirely a matter for the British Government. In the event of such a decision, the appropriate euro-sterling conversion rate would be matter for ECOFIN, the EU Council of Finance Ministers, of which I am a member.