Written Answers - European Central Bank.
Róisín Shortall
Ceist:
37
Ms Shortall
asked the
Minister for Finance
if he will offer an Irish candidate for membership of the governing board of the European Central Bank; the discussions, if any, he has had with our European partners in relation to this matter; and if he will make a statement on the matter.
[5574/98]
Ruairí Quinn
Ceist:
154
Mr. Quinn
asked the
Minister for Finance
if he has raised the issue of Ireland's representation on the executive council of the European Central Bank with the President of the European Commission; and if he will make a statement on the matter.
[3442/98]
Ruairí Quinn
Ceist:
156
Mr. Quinn
asked the
Minister for Finance
if he has had direct discussions with Prime Minister, Mr. Blair, in relation to the composition of the board of directors of the European Central Bank which will be established on 1 July 1998; and if he will make a statement on the matter.
[1931/98]
Ruairí Quinn
Ceist:
163
Mr. Quinn
asked the
Minister for Finance,
further to Parliamentary Question No. 84 of 28 January 1998, the steps, if any, the Government has taken to ensure that an Irish person is appointed to one of the six positions on the executive board of the European Central Bank; and if he will make a statement on the matter.
[5627/98]
I propose to take Questions Nos. 37, 154, 156 and 163 together.
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.
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 members of the board shall be appointed from among persons of recognised standing and professional experience in monetary and banking matters.
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 during the first weekend of May this year.
The Government is 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.
While there has been much media speculation and I understand that some member states have expressed a general interest in their nationals being represented on the executive board, I would point out that, as of 2 March, I am not aware that any names have been formally put forward for any of the seats on the executive board, other than for that of the president.
I have not had direct discussions with Prime Minister Blair in connection with the composition of the executive board, nor have I raised Ireland's representation on the executive board with the President of the European Commission.
