§ Sir Peter FryTo ask the Chancellor of the Exchequer what has been the cost to date of the Treasury's preparation on economic convergence in the European Union with a view to the possible introduction of a common currency and monetary union.
§ Mr. Nelson[holding answer 14 February 1995]: It is not possible separately to cost work within the Treasury on economic convergence within the EU. The Government's macro-economic policies are directed toward achieving sound public finances and permanently low inflation. These objectives are shared by other EU member states, and are also key elements of the convergence criteria set out in the Maastricht treaty.