Martin Cullen
Ceist:51 Mr. Cullen asked the Minister for Finance if he will consider setting up a national forum to prepare for EMU; and if he will make a statement on the matter. [11883/95]
Written Answers. - Economic and Monetary Union.
Seamus Brennan
Ceist:68 Mr. S. Brennan asked the Minister for Finance when the Government will publish a policy paper regarding Ireland's approach to the EMU issue for the Inter-governmental Conference in 1996; and if he will make a statement on the matter. [11833/95]
I propose to take Questions Nos. 51 and 68 together.
The Treaty on European Union sets out a timetable for movement to the third stage of economic and monetary union-EMU. Briefly, if a majority of member states meets the conditions, the third stage can begin in 1997; if a date for the start of the third stage has not been set by end-1997, it will begin in 1999. There is now broad acceptance among member states that 1999 is the realistic date for the formation of EMU.
As Deputies will recall, a referendum was held in Ireland in 1992 which endorsed the Treaty on Europen Union, including its centrepiece, EMU. Ireland's objective continues to be to qualify to be among the first group of member states to move to European Monetary Union under the Treaty. It is not at present expected that EMU will be on the agenda for the 1996 Inter-governmental Conference.
The European Commission has recently produced a Green Paper on the Practical Arrangements for the Introduction of the Single Currency. The Green Paper, as a discussion document, raises many issues which need to be addressed by all member states in the coming months and years. I agree with the view set out in the Green Paper that an extensive communication campaign is needed to bring home to citizens the advantages of the single currency and to set out the practical measures needed to introduce it. The European Monetary Institute, the forerunner of the European Central Bank, will also be producing a paper later this year on movement to a single currency; in addition, this week's European Council in Cannes has also requested studies to be prepared on the move to EMU and a single currency.
Each member state will be considering how best to prepare for EMU and a single currency. My Department has already initiated such preparations. At this stage, it would be premature to publish a policy paper on Ireland's approach to EMU, or to set up a national forum on the issue. However, I can assure Deputies that wide-ranging consultation will take place with the relevant interests on this matter of vital public importance.