§ Mr. AllenTo ask the Chancellor of the Exchequer when fines will be imposed on the United Kingdom under article 104c of the Maastricht treaty for being excessively in debt; and if he will make a statement.
§ Mr. NelsonThe possible imposition of fines on member states for failing consistently to comply with Council recommendations to tackle excessive deficits does not apply until the beginning of stage 3 of economic and monetary union. The protocol to the treaty relating to the United Kingdom makes it clear that this possibility can apply to the United Kingdom only if and when it enters stage 3. Under the European Communities (Amendment) Act 1993, the United Kingdom cannot move to stage 3 without approval by an Act of Parliament.