Economic and Monetary Union (Hansard, 18 December 1996)

HC Deb 18 December 1996 vol 287 c640W 640W

§ Mr. Austin Mitchell
To ask the Chancellor of the Exchequer if Her Majesty's Government will assess the advantages of the redistribution of funds to the worst affected regions and countries along the lines proposed by the McDougal report to offset the effects of monetary union. [4753]

§ Mr. Oppenheim
The Government do not accept the case for any increase in fiscal transfers as a result of economic and monetary union. There are no implications for the EC budget, except that the euro will replace the ecu as the unit of account.