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Central Bank governor Honohan to face TDs and senators

Patrick Honohan will discuss economic and monetary union with TDs and senators on the Oireachtas EU Affairs Committee this afternoon.

THE GOVERNOR OF the Central Bank will discuss the future course of the economic and monetary union (EMU) in front of the Oireachtas Committee on European Union Affairs later today.

Patrick Honohan will appear before the committee this afternoon to discuss the future course of the EMU and its implications for Ireland.

Honohan’s colleagues from the bank, Patrick Brady, director of policy and risk, and Colm Larkin will also be present.

Economic and monetary union is an umbrella term for policies aimed at converging the 27 EU member states towards closer cooperation such as sharing a single currency as Ireland and 16 other EU states do.

In a statement yesterday, EU Affairs committee chairman Dominic Hannigan, said the committee was looking forward to speaking with the governor.

Hannigan said he expects to discuss with the governor and his colleagues the current approach of the European Central Bank which has kept its main interest rate at 0.75 per cent for nearly a year.

Hannigan, a Labour TD, also said he expects discussions to focus on “whether policy is likely to change, particularly in light of continuing debate on growth and austerity in Brussels and a number of European capitals”.

Today’s meeting forms part of the committee’s “on-going consideration of Economic and Monetary Union”, Hannigan said.

The committee hearings gets under way at 2pm this afternoon. You can watch proceedings here.

Patrick Honohan: ‘Household financial distress is at unprecedented levels’

Read: Honohan calls for EU-wide ‘banking union’

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