§ Lord Stoddart of Swindonasked Her Majesty's Government:
Whether they will confirm that those countries which did not negotiate an opt-out from the single currency in the Maastricht Treaty have committed themselves to the irreversible movement to a single currency.
The Earl of CaithnessIt is not inevitable that countries which did not negotiate an opt-out will move to a single currency at any time in the future. If no date has been set for the start of Stage Three of economic and monetary union by 31st December 1997, it will start on 1st January 1999. From that date the treaty provisions establishing a single monetary policy and leading to the establishment of the single currency will apply to those member states which are judged by a qualified majority to have met the necessary conditions and do not have an opt-out.