§ Lord Tebbitasked Her Majesty's Government:
Whether they have an "opt-out" from the provision of Article 109e.5 of Chapter 4 of the Union Treaty of Maastricht.
§ The Parliamentary Under-Secretary of State, Department of Employment (Lord Henley)Article 109e.5 requires each member state, as appropriate, to start the process leading to the independence of its central bank, in accordance with Article 108. The United Kingdom is under no obligation to take action as a result of Article 109e.5 unless and until it notifies the Council that it intends to move to the third stage. This is for two reasons. First, the words "as appropriate" leave the United Kingdom a discretion on whether to start this process ahead of any decision to move to Stage 3. Second Article 108 requires each Member State to ensure, at the latest at the date of the establishment of the ESCB, that its national legislation, including the statutes of its national central bank, is compatible with the Treaty and the Statute of the ESCB. The obligation under Article 108 is qualified in point of time by the words "at the latest at the date of the establishment of the ESCB". By the time the ESCB is established under Article 1091, we shall have notified the Council whether or not we intend to move to Stage 3, and if we do not so intend, then Article 108 is disapplied by our Protocol.