§ Mr. MacleanTo ask the Prime Minister, pursuant to his answer of 1 March 1999,Official Report, columns 527–28, on economic and monetary union, if he will list the microeconomic reforms he has put in place which will contribute to the passing of the five economic tests for joining the euro. [75164]
§ The Prime MinisterThe Treasury's assessment of the five economic tests, published in October 1997, concluded that
weaknesses remain in the UK which make it unclear that we are ready to be able to cope adequately with potential shocks that might arise in EMU, especially in the early years. The Government's welfare to work programme and the agendas for improving skills and competition will help to remove the underlying weaknesses that remain and improve the prospects of being ready to meet the flexibility test in years to come".