Dáil Éireann díospóireacht -
Wednesday, 27 Nov 1996

Vol. 472 No. 2

Written Answers. - Economic and Monetary Union.

Cecilia Keaveney

Ceist:

103 Cecilia Keaveney asked the Minister for Finance the co-operation, if any, currently taking place between the Irish and British Governments in relation to preparing for economic and monetary union in order to avert further anomalies which occur in border areas; and if he will make a statement on the matter. [22875/96]

Minister for Finance (Mr. Quinn)

All 15 member states co-operate in relation to preparing for economic and monetary union (EMU). These preparations are guided by ECOFIN, the Council of Economic and Finance Ministers, which meets almost every month. ECOFIN, in turn, makes regular reports to the European Council (Heads of State or Government) on progress in the preparations for European Monetary Union.

The United Kingdom Government has indicated that the question of whether the UK will participate from 1 January 1999 will be decided closer to that date. It is not clear what "further anomalies" the Deputy has in mind. I should however mention that a particular focus for the ESRI study on theEconomic Implications for Ireland of European Monetary Union which I commissioned earlier this year was an examination of the possible effects where the UK at least initially stayed outside the euro zone. The conclusion of that study was that, on balance, membership of European Monetary Union, even were the UK not to join, would be beneficial for Ireland.