asked the Minister for Finance what obligations will be imposed on Ireland in relation to currency devaluation or revaluation by the recent agreements reached between the six members of the European Economic Community in relation to monetary and economic union.
Ceisteanna—Questions. Oral Answers. - Membership of EEC.
22.
The full texts of the decisions taken by the Council of Ministers on 8th and 9th February have not yet become available. It appears, however, that the decisions adopted, which are concerned with action to be taken in the first three-year phase of transition to economic and monetary union, do not affect the rights of member States to alter the exchange parities of their currencies.
Would the Minister not agree that while there might not be any sanctions available against any country which would unilaterally alter the value of its currency that it would impose a considerable strain, to say the least of it, within the Community, that they have accepted a voluntary discipline and that the Community now expect the applicant countries to behave in a similar manner and have prior consultations before making any radical decisions in this field?
I do not know that I can add very much to what the Minister for External Affairs has said in relation to this on earlier questions by the Deputy. I would repeat that we have not got the official text yet of the decisions but from what we know the position appears to be as I have outlined.