HL Deb 25 November 1999 vol 607 c15WA
Lord Tebbit

asked Her Majesty's Government:

Pursuant to the Prime Minister's statement published in The Daily Telegraph of 20 October concerning entry into European Monetary Union, "That is not to say that the political and constitutional issues are not important. They are. But I have resolved them in my own mind", what are those constitutional issues which the Prime Minister has so resolved. [HL19]

Lord McIntosh of Haringey

The October 1997 statement acknowledged that to share a common monetary policy with other states represents a major pooling of economic sovereignty. The constitutional issue is a factor in the decision but it is not an overriding one. Rather it signifies that in order for monetary union to be right for Britain the economic benefits of joining should be clear and unambiguous. If they are, there is no constitutional bar to British membership of EMU.