Phil Hogan
Ceist:147 Mr. Hogan asked the Minister for Finance if the European Monetary Institute will be established on 1 January 1994; and if he will make a statement on the matter.
Written Answers. - European Monetary Institute.
Under the Treaty on European Union, the second stage for achieving economic and monetary union (EMU), is to begin on 1 January 1994 and the (EMI), is to be established at the start of that stage.
The Treaty has already been ratified by 11 member states, including Ireland, and is expected shortly to be ratified by Germany. In addition, the location of the EMI and the appointment of its President are to be decided by the next European Council: this will probably be held in Brussels at the end of this month. Finally, the secondary legislation necessary for the commencement of the second stage, including the establishment of the EMI, is at present being processed at Community level as quickly as possible. In these circumstances, I expect that the EMI will be established on its due date.