§ Sir Thomas ArnoldTo ask the Chancellor of the Exchequer if he will set out in table form those EC countries conforming to the economic convergence criteria of the treaty of Maastricht.
§ Mr. NelsonThe table shows the state of progress of EC member states with respect to the convergence criteria as set out in the Maastricht treaty. Definitions of the indicators of convergence have not yet been fully standardised and the figures are therefore only indicative at this stage.
no "excessive" budget deficit, as judged by ECOFIN. (A Commission report to ECOFIN might be triggered by a budget deficit above 3 per cent. of GDP or a ratio of public debt to GDP above 60 per cent. of GDP);243Waverage long-term nominal interest rates over one year within two percentage points of rates in, at most, the three lowest inflation countries;respecting the normal fluctuation margins in the ERM without severe tensions for at least the last two years. In particular, the member state shall not have devalued its currency's bilateral rate against any other member state's currency on its own initiative for the same period.Currently Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Portugal and Spain are members of the ERM. On 2 August 1993 the fluctuation margins of the ERM were temporarily widened to 15 per cent.