Vol. 553 No. 5
124 Mr. M. Higgins asked the Minister for Finance if it is intended to nominate a candidate for a position on the governing council of the European Central Bank when the next vacancy arises in 2003; and if he will make a statement on the matter. [14498/02]
As I said in reply to former Deputy Pronsias De Rossa on 23 April 2002 – ref: 12404/02, the governing council, which is the supreme decision-making body of the European Central Bank, comprises the governors of the national central banks of the euro area member states, together with an executive board. The Governor of the Central Bank of Ireland is on the governing council.
The executive board includes the President and Vice-President of the ECB and four other members, all of whom are appointed by common accord of the governments of the participating member states at the level of Heads of State or Government. Ireland is not currently represented on the executive board.
In the interest of balance, all member states should over time put forward nominees for positions on the executive board and membership of the board should include an appropriate balance of nationalities. Accordingly, I have advised the Spanish Presidency of Ireland's intention to nominate a candidate to the executive board next year when the term of office of the next board member expires in 2003.
