§ Mr. Austin MitchellTo ask the Prime Minister (1) what steps he will take in the intergovernmental conference to ensure that decisions of the EU, the European system of central banks and the European Court of Justice concerning monetary and exchange rate policy are not binding on the United Kingdom; [37829]
(2) if he will ensure at the intergovernmental conference that no restriction, with special reference to the role of the Bank of England and EU institutions, is placed directly or indirectly on the power of the United Kingdom Government to determine monetary and exchange rate policy. [37828]
§ The Prime MinisterProtocol No. 11 to the EC treaty on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland states that the United Kingdom shall not be obliged or committed to participate in the third stage of economic and monetary union without a separate decision to do so by the Government and Parliament. Paragraph 4 of the protocol states that the United Kingdom would
retain its powers in the field of monetary policy according to national lawwere it to notify the Council of Ministers that it did not intend to move to the third stage. Paragraphs 5 and 8 of the protocol list those articles from the treaty and the statute of the European system of central banks from which the United Kingdom would be specifically excluded in these circumstances.As the Government's White Paper on the intergovernmental conference, "A Partnership of Nations", made clear, it is not expected that economic and monetary union will be discussed at the IGC. The Government have no reason to challenge that expectation, and will not be seeking to change the treaty arrangements relating to the United Kingdom.