HL Deb 24 November 1997 vol 583 c103WA
Lord Stoddart of Swindon

asked Her Majesty's Government:

If the United Kingdom were to participate in the single currency, what is the maximum amount expressed in pounds sterling that could be levied as a fine under Council Regulation EC/467/97 for breaking the excessive deficit procedure.

Lord McIntosh of Haringey

According to Council Regulation (EC) No. 1467/97, of 7 July 1997, the maximum single fine cannot exceed an upper limit of 0.5 per cent. of GDP. Therefore, the maximum amount of any fine in pounds sterling is dependent on GDP. Fines would not apply to members states that do not participate in the single currency.