Leo Varadkar (Dublin West, Fine Gael)
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Question 110: To ask the Minister for Finance his views on whether the Maastricht criteria for entry into the euro could be relaxed to allow one or more of the Baltic states or Iceland to come into the euro area in the event of a major devaluation or debt default; and if he will make a statement on the matter. [29592/09]

Brian Lenihan Jnr (Dublin West, Fianna Fail)
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The conditions for participation in the euro area are defined in the Treaty and are part of the common legal framework. The criteria defined by the Treaty for adopting the euro are essential to ensure a high degree of sustainable convergence for countries entering the euro area. In the run-up to potential euro adoption, EU member states stand to benefit from a policy strategy focused on macroeconomic stability and nominal convergence. Economic and financial stability of the euro area is a common asset both for current and future members of the euro area.

The question of a non-member state joining the euro area does not arise as there is no provision in the Treaty for such a situation.