WRITTEN QUESTION E-0414/97 by Christa Randzio-Plath (PSE) to the Council (14 February 1997)

Subject: Participation by the Council at the G7 finance meeting on 8 February 1997

Can the Council confirm that it has not been invited to take part in the G7 finance meeting in Berlin on 8 February 1997, at which the Euro will be discussed?

If this is the case, how can the Council ensure that Community bodies will be able to take part in international meetings to discuss the international dimension of the Euro, particularly with regard to implementation of Article 109 of the EC Treaty ((Determination of the rate of the Euro in relation to non-Community currencies. )) during the third phase of EMU and with regard to strengthening international monetary cooperation?

Answer (16 May 1997)

Neither the Council nor the Commission were invited to the recent G7 (finance) meeting in Berlin. This meeting did not discuss the future exchange rate policy for the euro in relation to non-Community currencies. However, non-European participants of the meeting were briefly informed about the agreement on EMU reached by the European Council in Dublin.

As for the second part of the question, it is recalled that the modalities for the implementation of international monetary cooperation in Stage 3 of EMU, involving relations between the euro and non EU currencies will be reflected upon as part of the preparation for Stage 3 of EMU and will be decided by the Council in accordance with the rules of procedure laid down in Article 109 of the EC Treaty.