European Monetary Institute

HC Deb 22 November 1995 vol 267 cc109-10W

Mr. Austin Mitchell

To ask the Chancellor of the Exchequer (1) who represents Britain on the European Monetary Institute; whose policy they articulate; whom they report to; and what is their brief in respect of monetary union; [1101]

(2) who represents Britain in the European Monetary Institute; and which body determines United Kingdom policy in respect of the institute. [545]

Mrs. Angela Knight

In accordance with the terms of article 109f of the EC Treaty, and article 1 of the protocol on the statute of the European Monetary Institute annexed to the treaty, the Bank of England is a member of the EMI, and the Governor of the Bank of England is a member of the EMI's council. Active participation by the Governor on the council of the EMI is in accordance with the Government's policy of full involvement in preparations for economic and monetary union, which the Government believe is necessary to protect our interest whether or not the UK participates in the single currency.