§ Mr. SheermanTo ask the Chancellor of the Exchequer what assessment he has made of the levels of unemployment that would be optimal for successful economic convergence prior to entering the European monetary union. [30468]
§ Mr. Heathcoat-AmoryThe criteria against which member states will be assessed when determining whether they have successfully converged prior to entering the European monetary union are set out in article 109j of the treaty establishing the European Community. Levels of unemployment are not included among these criteria. But having an efficient and flexible labour market increases competitiveness and generates growth and employment.
The United Kingdom labour market is one of the least regulated in the European Union with an impressive record on job creation, and we have more people in jobs and fewer out of work than any other major European country.