HC Deb 20 May 1992 vol 208 c182W
Mr. Spearing

To ask the Chancellor of the Exchequer if he will tabulate those functions, decisions, or statutory authority and jurisdictions, currently performed by the Bank of England, Her Majesty's Treasury or any other Department of State that could be transferred to any of the institutions of the European Community that will exist in the event of ratification of the treaty on European union assuming the future adherence of the United Kingdom to these arrangements, showing for each function the name or part of the relevant institution to which it would be transferred, together with a reference to the relevant articles, protocols, chapters, sub-articles and page numbers as found in Cm. 1934.

Mr. Nelson

No functions or decisions that are currently the responsibility of the Bank of England, Her Majesty's Treasury or any other Department for which I am responsible will be transferred to any of the Community institutions envisaged in the treaty on European union, as a result of the ratification of that treaty. The treaty confers potential competence on the Community in respect of economic and monetary union. As a result, certain responsibilities would pass to the European Central bank, if the United Kingdom were to move to stage 3 of EMU. But such changes could not take place without the approval of Parliament as is required in clause 2 of the European Communities (Amendment) Bill.