Vol. 451 No. 8
58 Mr. Barry asked the Minister for Finance his views on Commission President Jacques Santer's concept of a monetary system based on the ECU, the dollar and the yen in view of the EU's transition to a single currency; and if he will make a statement on the matter. [7285/95]
It is not clear to which statement by Commission President Santer the Deputy's question refers. However, I assume the Deputy has in mind the concept of a single European currency which would be a major currency in international financial markets, with a significance comparable to that of the US dollar and Japanese yen.
One of the objectives of the creation of a single European currency is to ensure that it will have a status in international financial markets which reflects the economic significance of the European Union in global terms. Given the strict criteria laid down before member states can participate in the European single currency, I have no doubt that it will indeed achieve this objective.
