§ Mr. Teddy Taylorasked the Chancellor of the Exchequer what will be the purpose of the European monetary fund which Her Majesty's Government agreed to seek to establish in the solemn declaration of European union; and if he will make a statement.
§ Mr. Moore[pursuant to the reply, 4 July 1983, c. 24.]: The solemn declaration refers to the strengthening of the European monetary system as a key element in progress towards the creation of a European monetary fund. There are no immediate proposals for setting up such a fund, but it would be intended to further monetary cooperation and monetary stability in Europe, as envisaged by the European Council in its resolution of 5 December 1978 (published as a White Paper—Cmnd. 7419).