Vol. 486 No. 1
84 Dr. Upton asked the Minister for Finance the proposals, if any, the Government has to nominate a candidate for the post of Director in the European Central Bank which comes into existence on 1 July 1999; and if he will make a statement on the matter. [1943/98]
The principal decision-making body of the European Central Bank will be the Governing Council, which will comprise the members of the executive board of the ECB together with the governors of the national central banks of the participating member states — in Ireland's case, the Governor of the Central Bank of Ireland.
I presume the Deputy's question relates to the positions on the executive board, since appointments to posts within the internal management structures of the European Central Bank will be matters for the ECB itself.
Regarding appointments to the executive board of the ECB, the Maastricht Treaty lays down the procedure for the appointment of the board. The relevant Articles of the treaty are 109a and 109l, together with Article 50 of Protocol (No. 3) on the Statute of the European System of Central Banks and of the European Central Bank. When the executive board of the ECB is being established, the president, the vice-president and the other members shall be appointed by common accord of the governments of the member states at the level of Heads of State or Government, on a recommendation from the Council and after consulting the European Parliament and the Council of the European Monetary Institute.
The number of members on the executive board is set at six, including the president and vice-president. However, the number of members on the board may be reduced to a minimum of four, if there are member states which have derogations and are not proceeding to the third stage of EMU. The composition of the board therefore cannot be considered formally by ECOFIN until the decision on who is to participate in the third stage has been taken around May of next year.
I am aware of the importance of ensuring that appointments to the executive board are made in a way that ensures its overall competence for its tasks, and at the same time serves the interests of Ireland and the Union as a whole.
