§ Sir Teddy TaylorTo ask the Chancellor of the Exchequer what is the procedure for assessing eligibility of member states for participation in the single currency; and what is the role in such consideration of the EU monetary committee. [36636]
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§ Mr. Kenneth ClarkeArticle 109j of the EC treaty sets out the procedure for participation in the single currency. The Commission and the European Monetary Institute shall report on the convergence achieved by the member states. On the basis of these reports, the Council of Economic and Finance Ministers—ECOFIN—shall assess, by qualified majority, member states' fulfilment of the necessary conditions for the adoption of a single currency and recommend its findings to the Council in the form of the Heads of State or Government. The European Parliament will also be consulted. Taking account of the reports of the EMI and the Commission and the opinion of the European Parliament, Heads of State or Government shall, acting by a qualified majority, and on the basis of the ECOFIN recommendations, decide which member states fulfil the necessary conditions for the adoption of a single currency.
The EU monetary committee will, according to the article 109c (1) of the EC treaty, contribute to the preparation of the work of ECOFIN in this procedure.