§ Mr. Denzil DaviesTo ask the Chancellor of the Exchequer (1) what will be the United Kingdom's percentage of the subscribed capital of the proposed European central bank;
(2) whether it is intended that the votes cast in the proposed European central bank shall be weighted according to proportions of the capital of the bank and foreign exchange reserves subscribed by each member state;
(3) what proportion of foreign reserve assets of the United Kingdom will be called up by the proposed European central bank;
(4) whether it is envisaged that the decisions of the proposed Council of the European central bank will be made by weighted voting;
(5) by means of what mechanism it is proposed that a directly-elected body such as the Council of Economic and Finance Ministers should control the execution of monetary policies by the Council and the executive board of the proposed European central bank.
§ Mr. Norman LamontThe issue raised by the right hon. Gentleman is still under discussion in the intergovernmental conference on economic and monetary union.
§ Mr. Denzil DaviesTo ask the Chancellor of the Exchequer when it is expected that the Committee of Governors of the proposed central bank of member states will present provisions concerning income distribution as indicated in the chairman's report of 27 November 1990 to the President of the Council.
§ Mr. Norman LamontThe Committee of Governors presented a draft statute covering the issue the right hon. Gentleman refers to on 26 April 1991.