WRITTEN QUESTION E-0891/98 by Daniela Raschhofer (NI) to the Commission (26 March 1998)

Subject: Confirmation of readiness for the euro

On Wednesday, 25 February 1998, a study was presented in Bonn by the 'Association for European Monetary Union' which confirmed 14 countries as being ready for the euro.

1. Who is the head of this Association for European Monetary Union?

2. Which European economists and institutions contributed to the study?

3. How were they selected?

4. Has the Commission commissioned its own studies on the subject? If so, who has been commissioned to carry out what studies?

5. How much financial support did the Commission provide for this study or this association?

6. Does the Commission concur fully with the views stated in the study?

7. Does the data referred to derive from national sources or were other sources, e.g. Eurostat data, used?

8. How do the authors of the studies define the terms 'financial policy criteria' and 'long-term fulfilment of the convergence criteria'?

9. How does the study support the statement on the democratic legitimacy of the ECB?

Answer given by Mr de Silguy on behalf of the Commission (20 April 1998)

The study to which the Honourable Member refers is presumably 'the sustainability report' published in February 1998 by the Association for the Monetary Union of Europe (AMUE). The report can be requested from the AMUE, 26 rue de la Pépiniere, 75008 Paris, France, Tel. (33) 1 44 70 60 30, Fax: (33) 1 45 22 33 77. A copy of the preface, contents, and executive summary of the report is sent direct to the Honourable Member and to Parliament's Secretariat.

AMUE was founded in 1987 by European industrialists. It is a fully independent body of businesses which co-operates with public authorities and is active in all 15 Member States. More information is available from AMUE directly.

The names of the economists who participated in the working group and in writing the report are annexed to the report. As to how these were chosen, the Honourable Member is referred to the AMUE.

The Commission published on 25 March 1998 the report ((COM(98) 1999 final. )) requested by Article 109J EC Treaty (the 'convergence report), giving an assessment of the progress made in the fulfilment by the Member States of their obligations regarding the achievement of economic and monetary union. The report examined the achievement of a high degree of sustainable convergence as mentioned in Article 109J.

The Commission supported AMUE by a block grant of ECU 500 000 in 1997 as part of the Commission's economic and monetary union (EMU) information programme. The Commission did not give financial support to the AMUE report or any individual studies.

AMUE is a fully independent body. Therefore, the Commission is neither responsible for, nor in any way bound by the conclusions of the report. The Commission's own views on the degree of sustainable convergence within the meaning of Article 109J EC Treaty are apparent from the convergence report.

Concerning the sources of data used in the AMUE report, the definitions of sustainability and budgetary criteria used and the report's position on the democratic accountability of the ECB, the Honourable Member is referred to the report itself.