§ Mr. CashTo ask the Chancellor of the Exchequer what consideration has been given to sterling's institutional relationship with the single currency if the United Kingdom does not accept stage three of economic and monetary union.
§ Mr. NelsonIf the United Kingdom does not move to stage 3 of economic and monetary union as set out in the Maastricht treaty, the relationship of the pound sterling to the single currency would be a matter for decision at the time. The treaty does not prescribe the relationship between the currencies of those member states participating in stage 3 and those of non-participants.