Mr. JenkinsTo ask the Chancellor of the Exchequer what discussions United Kingdom Ministers or officials have had concerning technical aspects of introducing notes and coins for the single European currency, with(a) the expert group reporting to Commissioner Christopherson and (b) other bodies; what representation the United Kingdom has on this group; and when it is anticipated that technical aspects of monetary union will be settled to enable the change over to a single currency to take place.
§ Mr. NelsonUnited Kingdom ministers and officials have had no discussions concerning technical aspects of introducing notes and coins for a single currency with the expert group on the changeover to the single currency. This is an independent group and neither the United Kingdom nor the other member states are formally represented. The group is likely to seek opinions from relevant United Kingdom bodies.
Article 109f(3) of the EC treaty provides that the European Monetary Institute shall supervise the technical preparation of ecu bank notes. The EMI has set up a group of national central bank experts to undertake a detailed study, the EMI working group on printing and issuing a European banknote.
A working group of mint directors from EU member states has been formed to address the technical implications of single European coinage, with the aim of providing advice to the European Commission on the options available.
Technical preparations which would be necessary for monetary union are at a very early stage, and it is not yet possible to give a date for their completion.
The UK opt-out under the Maastricht treaty means that no decision to proceed to monetary union would be made without the agreement of Parliament.