§ Mr. MacleanTo ask the Prime Minister if he will make a statement on procedures for(a) democratic accountability and (b) official representations on economic management permitted from (i) national Governments and (ii) parliamentarians from countries within the euro zone, concerning management of the single currency; and what analysis he has made of such in determining whether the United Kingdom should join EMU. [74446]
§ The Prime MinisterArticle 109b(3) of the Maastricht Treaty contains several provisions designed to balance the necessary independence of the European Central Bank with the need for democratic accountability. The Government believe that accountability and transparency in their policy-making will be key to ensuring that the European Central Bank gains the trust of the European public and financial markets. Ultimately, it will help to provide the credibility needed to deliver a more effective monetary policy.