HC Deb 09 January 1996 vol 269 cc88-9W
Mr. Mike O'Brien

To ask the Chancellor of the Exchequer when the Government reported on the legislative changes required to ensure that the single currency could be used on the same basis as national currencies in phase B of the European monetary union as required by the Commission's green paper; and if he will place a copy of the report in the Library. [7241]

Mrs. Angela Knight

The green paper published by the Commission in May 1995 was intended to stimulate discussion of the practical arrangements for the possible introduction of a single currency. Its provisions do not impose legally binding requirements on any member state. The Council of Ministers did not endorse its contents. The Government have no plans to report to the Commission on the legislative measures that would be required at a national level for the possible introduction of a single currency.

Under protocol 11 of the EC treaty, the United Kingdom shall not be obliged or committed to move to the third stage of economic and monetary union without a separate decision to do so by the Government and Parliament. We will agree to take part in a single currency only if it is in our national interest to do so, given the circumstances at the time.