Vol. 486 No. 1
113 Mr. Durkan asked the Minister for Finance if he has satisfied himself that the current value of the punt is aligned in order to give maximum benefit to the Irish economy and at the same time enabling Ireland to remain on course for EMU; and if he will make a statement on the matter. [1947/98]
The objective of exchange rate and monetary policy is price stability, within the context of membership of the exchange rate mechanism of the European monetary system and participation in Economic and Monetary Union from 1 January 1999. Ireland is on course to satisfy all of the qualifying criteria for EMU membership, including the exchange rate criterion that the currency stay within the normal fluctuation margins of the ERM without devaluation for at least two years. The Government therefore looks forward to fully participating in EMU from the outset.
