§ Mr. Heathcoat-AmoryTo ask the Chancellor of the Exchequer (1) to what extent the membership and voting rights of the Governor of the Bank of England on the European Monetary Institute will be modified if the United Kingdom declares against proceding to the third stage of economic and monetary union; [51]
(2) what assessment he has made of the impact on United Kingdom representation at the general council of the European central bank, referred to in article 45 of the statute of the European system of central banks, if the United Kingdom decides not to join the third stage of EMU. [8]
§ Mrs. Angela KnightThe Governor of the Bank of England would retain his voting rights in the Council of the European Monetary Institute irrespective of whether the Government were to decide that the United Kingdom should participate in the third stage of economic and monetary union.
The governing council of the European central bank will be the main decision-making body of the ECB and will take decisions about the single monetary policy. Only governors from the central banks of countries participating in the single currency and members of the executive board of the ECB will be members of the governing council. Only nationals of those member states may be members of the executive board, including the president and vice-president of the ECB. In addition, the treaty provides for a general council of the ECB, which will have very limited responsibilities. The general council shall comprise the president and vice-president of the ECB and the governors of all member states' national central banks.