Vol. 515 No. 1
68 Mr. Noonan asked the Minister for Finance his views on the weakness of the euro; if he has participated in any ministerial discussions at European level in this regard; and if he will make a statement on the matter. [5283/00]
As Minister for Finance, I have not commented in the past on either the Irish pound exchange rate or the euro exchange rate and I do not now propose to make any specific comment on the euro exchange rate. However, as regards the factors behind the euro's recent exchange rate, the euro 11 Ministers and the ECB share the view that growth is now very robust in the euro area and increasingly rooted in domestic demand. As a consequence, the euro has potential for appreciation, firmly based on growth and internal price stability. A strong economy goes with a strong currency. Fiscal consolidation will be continued. Ministers share a common commitment to strengthen the structural reform process so as to ensure a high and non-inflationary level of growth in the euro area.
