§ Mr. MarlowTo ask the Chancellor of the Exchequer what assessment he has made of the impact on the United Kingdom net contribution to the community budget of the proposals on cohesion in the draft treaty on monetary union.
§ Mr. MaudeCohesion is best achieved by sound macro-economic policies, supported by the existing structural funds, within which there is provision for commitments to be doubled in real terms by 1993 in comparison with 1987. Future levels of the funds will be considered as part of the review of Community finances, not within the intergovernmental conferences. There is no reason why economic and monetary union should justify increases in the funds; sound open-market policies should bring about the convergence of economic performance necessary before any decision could be taken to move to a single currency.