Pat Rabbitte
Ceist:7 Mr. Rabbitte asked the Minister for Finance the communication, if any, he has had with the ECB in recent months; the nature of these communications; and if he will make a statement on the matter. [5441/99]
Written Answers. - European Central Bank.
I have neither received from, nor made any written communication to, the European Central Bank in recent months. I do receive a copy of their monthly bulletin, as published.
I have, however, as Minister for Finance, represented Ireland at a number of meetings of ECOFIN Ministers, at which Mr. Wim Duisenburg was also present, where views are exchanged on relevant matters. This is a normal arrangement in the context of EMU. Under the Treaty on European Union, the president of the ECB is to be invited to Council meetings when matters relating to the objectives and tasks of the European System of Central Banks are discussed. In addition to these Treaty provisions, the ECB's president may also be invited to take part, when appropriate, at the informal meetings of the Euro 11 Group which is comprised of economic and finance ministers of member states participating in the single currency.
While the ECB is independent in setting monetary policy, it is, nevertheless, important that opportunities exist for a continuous and fruitful dialogue between the Council and the ECB, as set out in the Treaty, for the effective implementation of European economic policy.
Apart from these arrangements, the Treaty provides that the Council may formulate 'general orientations' for exchange rate policy in relation to the euro, without prejudice to the ECB's primary objective to maintain price stability. The EU Economics and Finance Ministers agreed at the meeting of ECOFIN in December 1997 that such general orientations should be given only in exceptional circumstances.
I also met Mr. Duisenberg in November 1998 at a seminar in Dublin, on the single currency, organised by the Institute of European Affairs, to which we were both invited, and where I gave the opening address.