§ Mr. Jim CunninghamTo ask the Chancellor of the Exchequer what priority is accorded to the measures of the general Government financial deficit as a measure for European monetary union. [34197]
§ Mr. WaldegraveThe GGFD is relevant to the excessive deficit procedure which is set out in article 104c and the associated protocol of the treaty on European Union as amended at Maastricht. Being judged not to have an excessive deficit is one of the stage 3 convergence criteria set out in article 109j. Although the UK negotiated an opt-out on the decision on whether to join the EMU, it is well placed to meet the Government deficit and debt reference values by 1996.