European Monetary Institute (Hansard, 5 November 1993)

§ Mr. Rowlands
To ask the Chancellor of the Exchequer what is the estimated capital cost and annual budget of the European Monetary Institute.

§ Mr. Nelson
Article 16 of the protocol on the statute of the European Monetary Institute annexed to the Maastricht treaty states that the council of the EMI will determine the size of its resources to ensure that the EMI has sufficient income to cover its administrative expenditure. The council of the EMI will decide these questions following establishment of the EMI on 1 January 1994.

§ Mr. Rowlands
To ask the Chancellor of the Exchequer what is his estimate of the number of staff to be employed by the European Monetary Institute; and how many of these will be found from within the existing establishment of the Community's institutions.

§ Mr. Nelson
This will be a matter for the council of the EMI to decide. I would expect the EMI to employ more permanent staff than the Committee of Central Bank Governors, which it will replace, as the EMI is charged with a number of additional tasks. The committee of governors has a secretariat of 35 staff and is also supported by a number of sub-committees and other groups which, in many cases at present, are serviced by staff from national central banks.