HL Deb 25 May 1993 vol 546 c10WA
Lord Tebbit

asked Her Majesty's Government:

Whether it remains their policy that a single currency should be adopted by 1st January 1999 within the European Community member states not protected by opt out/opt in provisions within the Maastricht Treaty on Union.

The Earl of Caithness

If no date for the start of the third stage of economic and monetary union has been set by the end of 1997, Article 109j4 of the Treaty on European Union makes clear that the third stage will begin on 1st January 1999. At that date all member states except the UK and Denmark will be obliged by the treaty to move to the third stage but only if they fulfil the necessary conditions for the adoption of a single currency.