§ Mr. SalmondTo ask the Secretary of State for Scotland what assessment has been made of the effects of European monetary union on the Scottish economy; and what preparations have been taken in respect of such effects. [1532]
§ Mr. Kenneth Clarke[holding answer 31 October 1996]: I have been asked to reply.
An assessment of the implications for the whole of the United Kingdom of the European single currency will be made nearer the time. At this stage sufficient information to carry out a full assessment is not available. There are still many unknowns and uncertainties, including which countries are likely to meet the conditions for joining and how much convergence will have been achieved.