Our next report is the Report on the European Monetary Co-operation Fund.
The main thrust of what we say is to be found at paragraph 5 on page 3, where we indicate:
. . . The co-ordination of the monetary policies of the Member States is, however, not regarded as satisfactory but it has been strongly contended that this is attributable to political causes and not primarily to institutional deficiencies . . .
That is very much the view of the committee.
Yes, that came out in our evidence.
It goes on to say:
. . .This appears to be a formidable objection and the Joint Committee is informed that for lack of support the Commission is not likely to press for implementation of the amending Regulation and may well withdraw it. The Joint Committee will continue to keep in touch with future developments in this sphere.
Yes. We saw various groups and that seems to reflect their experience.
I should like to ask if the sub-committee which was dealing with the subject matter of this report considered the possibility of Ireland varying the exchange rate of our currency with the £ sterling? Did it examine whether as a consequence Ireland should be more actively in favour of the establishment of a monetary co-operation fund, so that we could then participate in a European SNAKE and free ourselves from the dependency on the £ sterling? Did that come up in discussions?
No. We confined ourselves to the draft Regulation in so far as it went. We were also very conscious of the fact that to a large extent the draft Regulation was on the shelf.
It is not likely to be pressed ahead with and, therefore, it is not likely to have any great significance for this country for some time to come.
Paragraphs 1 to 5 inclusive, agreed to.
Draft report agreed to.
Ordered: To report accordingly.
