§ Mr. Heathcoat-AmoryTo ask the Chancellor of the Exchequer (1) what is his policy in respect of British membership of the Monetary Committee, appointed under article 109c of the treaty on European Union, if the United Kingdom declared against proceeding to the third stage of economic and monetary union; and to what extent the British members' powers and voting rights would be modified; [49]
(2) what assessment he has made of the impact on United Kingdom membership of the Economic and Financial Committee appointed under article 109c of the treaty on European Union of a United Kingdom declaration against proceeding to the third stage of economic and monetary union. [9]
§ Mrs. Angela KnightArticle 109c(1) of the EC treaty provides for the establishment of a Monetary Committee with advisory status. Its tasks include keeping under review the monetary and financial situation within the Community and preparing the work of the Council of Economic and Finance Ministers, ECOFIN, including the formulation of opinions on excessive deficits under article 104c(4) of the treaty. The United Kingdom would still participate in the Committee if the Government were to164W decide that the United Kingdom should not participate in the third stage of economic and monetary union. The powers and voting rights of its two members on the Committee would not be modified.
Article 109c(2) of the treaty provides for the Monetary Committee to be dissolved at the start of the third stage of EMU. It also provides for all member states, the European Commission and the European central bank to each appoint "no more than two members" to the Economic and Financial Committee. The EFC will be an advisory body. Its tasks will include keeping under review the monetary and financial situation within the Community and preparing the work of ECOFIN, including the formulation of opinions on excessive deficits under article 104c(4) of the treaty, and other tasks assigned to it by ECOFIN.
§ Mr. Heathcoat-AmoryTo ask the Chancellor of the Exchequer to what extent the United Kingdom's right to participate in the discussions, and vote on which countries fulfil the necessary conditions for the adoption of a single currency, as described in article 109j of the treaty on European Union, is(a) withdrawn and (b) modified if the United Kingdom decides not to join the third stage of economic and monetary union. [10]
§ Mrs. KnightAll member states will be able to participate and vote in the decisions under article 109j of the EC treaty on which member states fulfil the necessary conditions to adopt the single currency at the start of the third stage of economic and monetary union.
§ Mr. Heathcoat-AmoryTo ask the Chancellor of the Exchequer if the United Kingdom is obliged to subscribe to the capital of the European central bank when it comes into being if the United Kingdom does not join the third stage of economic monetary union; and what estimate he has made of the cost of subscription. [50]
§ Mrs. KnightArticle 28 of the statute of the European system of central banks contained in protocol No. 3 to the EC treaty provides for the European central bank to have capital of 5,000 million ecu when it is established. The subscription to the capital by the national central banks of countries participating in the single currency will be on the basis of the key in article 29 of the statute. The ECB will, in addition to its tasks relating to the single currency and participating member states, also take over certain remaining tasks of the European Monetary Institute relating to countries not participating in the single currency. Article 48 of the statute of the ESCB provides for the possibility of non-participating member states' national central banks contributing a "minimal" share of the capital towards the operational costs of the ECB in certain circumstances. This would require a decision of the general council of the ECB on which the national central banks of non-participating member states will be represented.