HC Deb 26 January 1999 vol 324 c217W
Mr. Maclean

To ask the Chancellor of the Exchequer if he will list the reasons for which Sweden was excluded from early entry into Phase Three of Economic and Monetary Union. [66387]

Ms Hewitt

The Council Decision of 3 May 1998, in accordance with Article 109j(4) of the EC Treaty, stated that Sweden did not fulfil the necessary conditions for adoption of the single currency. Unlike the currencies of Italy and Finland, neither of which were within the ERM for two years, the Swedish Crown exhibited insufficient exchange rate stability during the two year review period. In addition, national legislation in Sweden, including the statute of the Swedish national central bank, was not compatible with the requirements of Articles 107 and 108 of the Treaty and the Statute of the ESCB.