asked the Minister for Finance if he will make a statement to the House concerning current developments relative to the European Monetary System.

As the Deputy is aware, the scheduled commencement of the European Monetary System on 1 January 1979 had to be deferred because of the dispute about the future of monetary compensatory amounts in respect of trade in agricultural products. Arising from this dispute France placed reserves, which still stand, on the regulations necessary for the implementation of the EMS.

It is now proposed that the problem of monetary compensatory amounts will be discussed at a meeting of the EEC Agricultural Council on Monday and Tuesday next, the 5th and 6th of February. The problem is a difficult one but it is to be hoped that a solution can soon be found that will enable the EMS to get under way.

Might I ask the Minister if he feels it is likely at this stage that the negotiations will be referred to another summit in March? In the Minister's general assessment are we likely to see that prospect?

I would not like to speculate in advance of these discussions as to what might happen. Obviously I cannot rule out the possibility to which the Deputy refers, but I am not anticipating it at this stage.