§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer what considerations underlay his assessment of the prospects for the success of the Euro following the Madrid summit. [7725]
§ Mr. Kenneth ClarkeMy assessment was based on my experience of frequent discussions of the subject at European Councils and ECOFIN meetings over the past two and a half years.
§ Mr. Austin MitchellTo ask the Chancellor of the Exchequer (1) if he will ask his panel of independent experts to report on the likelihood of the achievement of monetary union and the implications of the single currency for Britain; [7430]
(2) if he will commission and publish a report on the benefits and problems of monetary union, assessing the case for and against and the benefits and disbenefits of the United Kingdom's remaining outside. [7434]
§ Mr. Kenneth ClarkeThe Panel of Independent Forecasters' May 1995 report examined economic and522W monetary union. A copy of this report is available from the House of Commons Library.
Protocol No. 11, annexed to the EC treaty, means that the United Kingdom shall not be obliged or committed to move to the third stage of economic and monetary union without a separate decision to do so by the Government and Parliament. We will agree to take part in a single currency only if it is in our national interest to do so, given the circumstances at the time.