Vol. 505 No. 4
31 Mr. Noonan asked the Minister for Finance his views on the opinions expressed by the Governor of the Central Bank that while interest rates may not decline in 1999 they will remain low; and if he will make a statement on the matter. [13821/99]
55 Mr. Gormley asked the Minister for Finance his views on the statement by the Governor of the Central Bank on 19 May 1999 regarding interest rates and the euro; and if he will make a statement on the matter. [13837/99]
I propose to take Questions Nos. 31 and 55 together.
The setting of official interest rates for the EMU area has been the responsibility of the European Central Bank since 1 January 1999, when the third stage of economic and monetary union began and Ireland and ten other member states adopted the single currency, the euro. Both the ECB, which is responsible for interest rates, and the Governor of the Central Bank of Ireland, who sits on the council of the ECB, are completely independent. It is not my intention to express any views on the opinions of either the ECB or the Governor of the Central Bank of Ireland.
