§ 14. Mr. FabricantTo ask the Chancellor of the Exchequer what discussions have been held about the implications of a single European currency for title in respect of foreign and gold reserves of individual EU member states; and if he will make a statement. [27046]
§ Mr. Heathcoat-AmoryThe treaty on European Union requires member states joining the monetary union to transfer part of their reserves to the European central bank, receiving in exchange an equivalent claim on the ECB. The precise arrangements for the ownership of foreign exchange reserves in stage three of economic and monetary union are among the many technical issues that will have to be decided during stage two.