§ Lord Stoddart of Swindonasked Her Majesty's Government:
What are the implications for UK budgetary policy and procedure of Article 3 of the EC Commission's amended proposal for a Council Decision on Economic Convergence in Stage 1 of Economic and Monetary Union (5149/90).
The Paymaster General (The Earl of Caithness)The amended proposal was adopted as Council Decision 90/141/EC at the meeting of the European Community's Economic and Finance Council on 12th March 1990, as was reported to this House on 14th March [H.L. Deb., col. 1635]. The provisions of Article 3 will promote greater co-ordination of member states' economic policies through multilateral surveillance. This will encourage the continuing pursuit of sound monetary and budgetary policies throughout the Community while leaving economic policy firmly in the hands of national governments. It should have no significant effect on UK budgetary procedure.