HL Deb 10 February 1994 vol 551 cc136-7WA
Lord Stoddart of Swindon

asked Her Majesty's Government:

Whether they will confirm that from 1st January 1999 any member state of the European Union which complies with the convergence criteria laid down in the Treaty of Maastricht is committed by the terms of that treaty to irreversible movement towards monetary union, including a single currency.

Lord Henley

Article 109j4 of the treaty states that, if no date for the beginning of Stage 3 of economic and monetary union has been set by the end of 1997, the third stage shall start on 1 January 1999. At that date those member states judged by the Council to fulfil the necessary conditions for the adoption of a single currency will participate in Stage 3. However, protocols to the treaty make clear that neither the UK nor Denmark will participate in Stage 3 without a separate decision to do so nearer the time.