§ Mr. SpearingTo ask the Prime Minister what assessment he has made of the potential benefits and penalties that would arise from the full operation of a European central bank as currently proposed in the Dutch draft treaty for economic and monetary union.
§ The Prime MinisterThat judgment can be made only if and when the adoption of a single currency becomes a realistic prospect. Under the treaty now under negotiation the earliest date envisaged for the introduction of a single currency is some years away. It will be for the Government and Parliament to assess at that stage the potential benefits and penalties of a European central bank.