Peter Barry
Ceist:2 Mr. Barry asked the Taoiseach his views on whether the Rome Summit envisaged that the second stage of economic and monetary union would begin on 1 January 1994 and whether lasting progress towards convergence had taken place.
Ceisteanna—Questions. Oral Answers. - Economic and Monetary Union.
The Presidency Conclusions of the meeting of the European Council in Rome on 27-28 October 1990 are quite clear on this point. As I reported to the House on 1 November, they state that the second stage of economic and monetary union will start on 1 January 1994 after certain conditions have been fulfilled. The conclusions include, inter alia, the following:
The European Council recalls that, in order to move on to the second phase, further satisfactory and lasting progress towards real and monetary convergence will have to be achieved, especially as regards price stability and the restoration of sound public finances.
I wanted the Taoiseach to assure me that there can be no moving on the second phase until there is convergence and movement towards lasting convergence in the economies of the Twelve member states. Following on from that, may I ask the Taoiseach if he intends to put a paper to the InterGovernmental Conference on that basis, outlining Ireland's views about how that convergence should take place and at what level it should be before the second phase comes into play?
We have put a paper on convergence to the IGC.
You have put a paper——
Yes, it is in the Library.