Dáil Éireann - Volume 471 - 05 November, 1996

Written Answers. - Economic and Monetary Union.

84. Mr. Sargent asked the Minister for Finance whether participation by Ireland in the economic and monetary union will mean that national Government will be regulated by economic and monetary union in relation to the allocation of financial resources to different Government Departments in annual budgets. [20344/96]

Minister for Finance (Mr. Quinn): There is no provision for regulation under economic and monetary union of the allocation of financial resources to different Government Departments at annual budgets.

Member states participating in economic and monetary union will of course, be obliged to adhere to the fiscal criteria set out in paragraph 104C of the Maastricht Treaty and its associated Protocol. These criteria are defined in terms of the levels of deficit and debt of the overall general Government sector expressed as a proportion of GNP. They do not seek to impose any constraint on the means taken by member states to meet these obligations.