§ Lord Shore of Stepney
asked Her Majesty's Government:
What additional requirements in the conduct of economic and monetary policy to those laid down in Title VI of the Treaty of European Union have been introduced by the 1997 Growth and Stability Pact. [HL888]
§ Lord McIntosh of Haringey
I refer the noble Lord to Council Regulation EC No. 1466/97 of 7 July 1997, which strengthens the surveillance and co-ordination of member states' economic policies, and to Regulation EC No. 1467/97, also of 7 July 1997, which clarifies the implementation of the excessive deficits procedure. These regulations (then proposals) were submitted to Parliament under cover of a comprehensive Explanatory Memorandum on 3 June 1997.