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Dáil Éireann díospóireacht -
Tuesday, 3 Nov 1992

Vol. 424 No. 8

Written Answers. - Single Market Implications.

Peter Barry

Ceist:

80 Mr. Barry asked the Minister for Finance his views on the statement made by a person (details supplied) to the French Institute of Bankers in Paris, that the introduction of the Single Market in 1993 was a real threat to those on the periphery of Europe and that this country could lose out in a united Europe; and if he will make a statement on the matter.

The Government has always been aware of the potential difficulties which economic union may pose for peripheral countries. It was for that reason that, as soon as the negotiations on European Monetary Union started, it submitted a series of amendments to the Treaty, designed specifically to cater for the situation of less-developed regions. Throughout the negotiations, the Government continued to press this issue and was successful in securing in the Treaty a framework for effective and continuing Community action on cohesion. That achievement is reflected in the Commission's proposals to promote cohesion — the `Delors II' package — which are, at present, under negotiation. In the longer-term, the provisions of the Treaty will enable the Community's actions in favour of cohesion to be developed in parallel with the increasing integration of the Community. Against that background, I would draw the Deputy's attention to the conclusion of the Governor of the Central Bank in the statement under reference that, given appropriate support and policies, the process of economic union could on balance be favourable for Ireland.

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