§ Mr. Austin MitchellTo ask the Prime Minister what consultations the Governor of the Bank of England held with him in drawing up the Maastricht proposals for a European central bank; and if he consented to those proposals. [37825]
§ The Prime MinisterThe predecessor of the existing Governor of the Bank of England was a member of a committee which compiled the so-called Delors report on economic and monetary union, published in April 1989. Although influenced by this report, the plans for economic and monetary union set out in the EC treaty as amended at Maastricht were the result of negotiations between member states' Governments and were ratified according to national constitutional requirements. In particular, protocol No. 11 to the EC treaty requires Parliament and the Government to give consent to the United Kingdom's participation in the third stage of economic an monetary union, on the terms contained in the treaty, before the United Kingdom would be able to take part. The Government have stated that they will seek to participate in the third stage only if they believe that it would be in the national interest to do so, on the basis of a full assessment of the implications for the United Kingdom at the appropriate time.
648W