Vol. 427 No. 6
69 Mr. Barry asked the Minister for Finance if there is a case to be made for following former Commissioner Peter Sutherland's proposal in Paris for a currency common to a few countries within the EC; and if he is giving this matter consideration.
Mr. Sutherland's proposal was that a limited number of EC countries, of which Ireland would be one, should move to a single currency at a date earlier than that envisaged in the Treaty on European Union.
As I have indicated in the past, we favour the move to a single European currency. The Treaty sets out a timetable for achieving this and clearly envisages the possibility that not all member states will be in a position to move to a single currency, at least initially.
It is by no means clear whether it would be possible to advance the date for a single currency to one earlier than that set out in the Treaty. A number of issues need to be considered before a single currency can be operational. For example, the institution to issue and control the currency must be established and there must be convergence between the economies of the countries involved. There is also, of course, the question of whether other member states would be prepared to advance the timetable.
We aim to join the currency union as soon as it is set up. Our policies are designed to ensure that we will be in a position to do so.
