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Dáil Éireann díospóireacht -
Wednesday, 28 Jun 1995

Vol. 455 No. 2

Written Answers. - Economic and Monetary Union.

Michael P. Kitt

Ceist:

60 Mr. M. Kitt asked the Minister for Finance when Ireland will be in a position to join the Economic and Monetary Union; and if he will make a statement on the matter. [11852/95]

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 the end of 1997, the third stage will begin in 1999. There is now broad acceptance among member states that 1999 is the realistic date for the formation of Economic and Monetary Union.

Ireland's objective continues to be to qualify to be among the first group of member states to move to Economic and Monetary Union under the treaty. As the Deputy will be aware, both in 1994 and this year the European Commission judged Ireland to be among the very small number of member states not to have an excessive deficit as defined in the Treaty on European Union. The Government is committed to ensuring that Ireland continues to meet the treaty convergence criteria for movement to Economic and Monetary Union.

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