Written Answers. - Euro Changeover.
Bernard J. Durkan
Question:
53
Mr. Durkan
asked the
Minister for Finance
the recent discussions he has had with his EU colleagues with a view to ensuring a cohesive approach to the introduction of the euro and preparation for encouragement of those EU member states currently outside the euro zone to enter; and if he will make a statement on the matter.
[19017/01]
Preparations for the changeover to the euro in all 12 countries of the euro area are ongoing and are kept under constant review by the national authorities, the European Commission, the European Central Bank and the Eurogroup of finance ministers of the euro area. The outcome of the most recent discussions among Eurogroup ministers is set out in the joint statement by members of the Eurogroup, which is quoted in full below:
At the meeting of the Eurogroup on 4th June, Ministers, the President of the ECB and the Commissioner reviewed preparations for the introduction of euro banknotes and coins on 1 January 2002. They welcomed the positive progress in this regard, including the increasing awareness of consumers. They restated their intention to intensify communication campaigns in the second half of the year to help ensure a successful cash changeover.
In this context, Ministers re-iterated their policy that, overall, conversion into euro of all prices, charges and fees administered by their Governments will be price neutral or smoothed in favour of the consumer.
Ministers urged retailers to follow-up to their commitment in the agreement of good practices between European consumers and retailers of 2 April 2001 and to do their utmost to ensure the overall stability of their prices when converting them into euro and to communicate this commitment clearly to their customers. Ministers also noted that many Member States had intensified the monitoring of prices, and that the competent bodies were alert to developments regarding price conversion.
Ministers considered that dual display of prices throughout the changeover period is of utmost importance to allow consumers to check prices both in euro and in the national currency unit. In this respect, they encouraged consumers to increase their familiarity with euro-denominated prices, and to continue to compare carefully prices between competing retailers, particularly during the rest of this year and throughout the period of the cash changeover.
With regard to the second part of the Deputy's question, EU Ministers have not recently had discussions with a view to preparing for, or encouraging, those EU member states currently outside the euro area to join the single currency. Participation in the euro is a matter for the member states concerned. Ireland would look favourably on an application by any of these to join the euro. However, no such application has been made.
