John Bruton
Ceist:258 Mr. J. Bruton asked the Minister for Finance if he will provide details of the events he attended and speeches he made in January 1999 to mark the launch of the euro; and if he will make a statement on the matter. [1734/99]
Written Answers. - Official Engagements.
The key event I attended to mark the launch of the euro was the meeting of the Council of Economics and Finance Ministers, ECOFIN on 31 December 1998. At that meeting, and in accordance with Article 109L(4) of the Treaty on European Union, the Council, acting with the unanimity of the member states without a derogation, on a proposal from the Commission and after consulting the European Central Bank, adopted a Council regulation irrevocably fixing the conversion rates between the euro and the currencies of the member states adopting the euro. The conversion rate for the Irish pound was fixed at 1 euro equals £0.787564 Irish pounds.
In my speech at the Council meeting, I confirmed Ireland's endorsement of the Commission proposal and welcomed the fact that the long-standing objective of economic and monetary union was now finally being realised. I also referred to the prospective significant benefits to the Irish economy which membership of the euro area offers, and which is widely recognised to be in our long-term interest, while noting the fact that membership will bring challenges as well as opportunities. Finally, I noted that Ireland was entering EMU in good condition and was well placed to participate successfully, and that this country was looking forward with confidence to the challenges and opportunities that lay ahead.
At the same time as the Council meeting was being held in Brussels, a reception was held in Leinster House to mark Ireland's entry into EMU, the launch of the euro and the announcement of the conversion rate for the euro. Members of the Oireachtas, Ireland's members of the European Parliament and the social partners were invited. The reception was hosted by the Taoiseach. Those attending the reception were given an information pack, copies of which were sent afterwards to all Members of the Oireachtas, on preparations for the changeover to the euro, including information on the Euro Changeover Board of Ireland's, ECBI, public information programme and the Forfás EMU business awareness campaign.
In addition, a media event was held in the Central Bank on 1 January 1999. It involved a display of the Irish pound's conversion rate against the euro and was attended by the Taoiseach, the Governor of the Central Bank and the Chairperson of the ECBI. A further media event was held on 4 January 1999 at the Irish Stock Exchange, involving the chairman of the Stock Exchange and the chairperson of the ECBI, to mark the start of trading in euro on the Exchange. I was unable to attend either of these events myself because of illness.
Finally, on 12 January 1999, I launched the third phase of the Euro Changeover Board of Ireland's public information programme. As part of the third phase, an advertising campaign – involving television and national and local press and radio as well as outdoor advertising – was run in January 1999 and an information leaflet is being delivered to every household in the country.