HC Deb 13 April 1999 vol 329 cc2-3W
Mr. Sayeed

To ask the Prime Minister, pursuant to his answer of 10 March 1999,Official Report, column 228, and the Chancellor of the Exchequer's oral statement of 27 October 1997, Official Report, columns 583–88, if he will set out the constitutional and political implications of the United Kingdom joining the European single currency. [80247]

The Prime Minister

As the Chancellor of the Exchequer said in his statement to the House of Commons in October 1997, the determining factor underpinning any Government decision on membership of the single currency is whether the economic case for the UK joining is clear and unambiguous.

The October 1997 statement acknowledged that to share a common monetary policy with other states does represent a major pooling of economic sovereignty. It also stated that, if the economic benefits are clear and unambiguous, there is no constitutional bar to British membership of EMU.