§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what consultation and preparation work is being carried on by which European Union institutions, committees and organisations about monetary union, the reconstruction of the exchange rate mechanism, the restoration of the coinage clearing systems and the institutional arrangements for monetary union; what part Britain is playing in both of these processes and organisations; how many British officials and committees are working on this issue(a) in the EU structures and (b) domestically; and what consultations are being held with British banks and financial institutions by EU officials and his own officials about monetary union.
§ Mr. NelsonMonetary co-operation in the European Union is regularly discussed by the Council of the424W European Monetary Institute, the Monetary Committee and the Council of Finance Ministers. In all those forums, the United Kingdom plays a full and constructive part.
The Commission has announced its intention of setting up a study group of independent experts to advise on some of the practical issues which would arise on implementation of a single currency.
A number of United Kingdom and Bank of England officials are concerned with European monetary issues. The Government and the bank are represented on the Monetary Committee; the bank is represented on the EMI council.
British banks and financial institutions are also consulted as necessary by both British and Commission officials.
There have never been EC coinage clearing systems, so the question of their restoration does not arise.