European Central Bank

EU nears euro body decision

PUBLISHED : Monday, 22 September, 1997, 12:00am
UPDATED : Monday, 22 September, 1997, 12:00am

The European Union will resolve within the month whether to set up an informal body to co-ordinate economic and budget policy after the launch of the single currency, EU Monetary Commissioner Yves Thibault de Silguy says. The so-called euro committee could only be created 'if it is an informal system, because the key institution [of the EU] in terms of co-ordination is the Ecofin' council, comprising finance ministers of the 15 EU members, Mr de Silguy said yesterday.

France has suggested setting up a euro committee to enable countries taking part in the single currency - the euro - to discuss policy co-ordination. The move was seen by some other EU members, notably Germany, as a bid to undermine the independence of the European Central Bank (ECB). 'It is out of the question for it to interfere with the independence' of the ECB, Mr de Silguy said.