HL Deb 15 December 1994 vol 559 c141WA
Lord Tebbit

asked Her Majesty's Government:

Whether the Chancellor of the Exchequer continues to favour in principle the participation of the United Kingdom in State 3 of monetary union.

Lord Henley

The question of UK participation in Stage 3 of Economic and Monetary Union is unlikely to be a real issue for the present Parliament because of the lack of economic convergence across Europe. As the Chancellor has said, the UK has a completely open option on when and whether to participate in Stage 3. The Government recognise the significance of any decision on participation in Stage 3, and, through the UK Protocol to the Maastricht Treaty, they have ensured that such a move could not be made without a full Act of Parliament.