Oireachtas Joint and Select Committees

Thursday, 24 September 2015

Joint Oireachtas Committee on European Union Affairs

European Economic and Monetary Union: Discussion

2:00 pm

Mr. José Leandro:

The report was published in June, the debate has accelerated and this hearing is a sign that a debate has taken hold. The position that we have seen from countries like the UK or Sweden, which are outside of the eurozone, has always been very constructive towards addressing the shortcomings in the economic and monetary union.

When the ESM and the single supervisory mechanism was launched the UK, for example, although it decided to stay out always supported the mechanism because it saw it as a way of plugging these gaps within the monetary union. For the UK, for example, it is key to have a monetary union that works properly and is not going from crisis to crisis. If we manage to take account of its concerns, including in terms of voting rights when it comes to decisions that are taken together and non-issues it would have to deal with the Single Market, then I think, we can count on its support. That has been the approach of the UK and Sweden so far.

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