§ Mr. MarlowTo ask the Chancellor of the Exchequer if he will set out the procedures required in the event of the United Kingdom seeking to accede to a European single currency with particular reference to the requirements with regard to exchange rate mechanism membership, the duration of such membership prior to an application to join the single currency and the time lapse between single currency application and joining. [30808]
836W
§ Mr. Kenneth Clarke[holding answer 26 June 1995]: The convergence criteria, including the exchange rate criterion, are set out in article 109j(1) of the treaty on European Union. The interpretation of the criteria will be considered by the European Commission and the European Monetary Institute, when preparing their reports to the European Council under article 109j(1), and thereafter by the Council, when it assesses those reports under article 109j(2).
The timing of the UK notification is set out in article 1 of the United Kingdom protocol to the treaty.