asked the Minister for Finance his views on the Meade recommendations in regard to alterations in the European Monetary System; and how their implementation might affect Ireland.

I understand that Professor Meade addressed a meeting in Brussels on the subject of international co-operation in macro-economic policies. The meeting was an internal EEC Commission seminar, the proceedings of which have not been published, and I would not consider it appropriate to comment on it at this time.

They may not have been published but they were outlined in full two weeks ago in the Financial Times in an article by Nobel economics prize winner, Samuel Britten, so I am surprised, if that particular newspaper had the proposals in full, that they are not available to the Government. Basically the proposals, are to try to achieve some form of smoothening of changes within the EMS. Will the Minister make it his business to study the proposals? Does he agree in general that exchange rates stability is desirable? If the Minister has not actually seen the proposals will he have a look at them to see if they can contribute to exchange rate stability? Other countries seem to feel that they can contribute to exchange rate stability. We have had seven or eight devaluations in the EMS and these proposals offer a way whereby we can avoid that situation in future. Will the Minister have a look at them?

I am in a little difficulty here because I am in a position to say to the Deputy that the proposals were not outlined in full in the article to which he refers. With regard to his specific question, I agree with the Deputy that exchange rate stability is not only desirable but essential for the orderly conduct of business, particularly within the European Community. I have been concerned to ensure the maximum stability in exchange rates and specifically in our effective exchange rate. I have some doubts about some of the particular proposals which apparently have been put forward by Professor Meade, but on the general objective of stability in exchange rates with the qualification of effective exchange rates I am in agreement with the Deputy.