§ 88. Mr. GillTo ask the Chancellor of the Exchequer whether he has discussed with his European Community counterparts the compatibility of European monetary union with the principle of subsidiarity.
§ Mr. LilleyIn discussions with his ECOFIN colleagues my right hon. Friend has stressed the need for all economic and monetary arrangements in the Community to respect the principle of subsidiarity.
§ 89. Sir Russell JohnstonTo ask the Chancellor of the Exchequer whether he will make a statement on the current progress of discussions regarding the achievement of economic and monetary union in the European Community.
§ Mr. LilleyEconomic and monetary union was last discussed at the European Council in Dublin on 25–26 June. It was agreed that more convergence of member states' economic performance and wider use of the ecu were needed during stage 1; and that the intergovernmental conference to decide on further stages should open on 13 December. ECOFIN and the Foreign Affairs Council and their committees will now continue their preparatory work.