Bernard J. Durkan
Question:162 Mr. Durkan asked the Minister for Finance if he and his EU colleagues have considered any measures to stabilise and enhance the euro; and if he will make a statement on the matter. [14508/00]
Written Answers. - Euro Exchange Rate.
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.
The euro 11 Finance Ministers and the ECB share the view that growth is very robust in the euro area and is increasingly rooted in domestic demand. They consider that as a consequence the euro has potential for appreciation, firmly based on growth and internal price stability. In their view, a strong economy goes with a strong currency.
A statement issued following the euro-11 Finance Ministers' meeting on 8 May again pointed out that the euro-11 Ministers, Commissioner Pedro Solbes and the President of the ECB share the view that growth is very robust in the euro area and that an increasing number of jobs are being created. The statement contained that the ECB is committed to ensuring this growth remains non-inflationary. Ministers are determined to speed up ongoing fiscal consolidation and structural reform towards a knowledge-based full employment economy according to the orientations set by the special European Council in Lisbon, thus increasing the growth potential of our economies. The statement continued that we share a common concern about the present level of the euro which does not reflect the strong economic fundamentals of the euro area.