§ Sir Richard BodyTo ask the Chancellor of the Exchequer what study his Department has undertaken of the likely effect on prices of the rounding up of the sterling-euro fractional differential if the United Kingdom adopts the euro. [6097]
§ Mrs. LiddellMy department has not undertaken any studies of the possible effects on prices, if any, of rounding the results of converting between sterling and the euro if the United Kingdom were to adopt the single currency.
400W
§ Sir Richard BodyTo ask the Chancellor of the Exchequer how much Nordic gold would be required if the United Kingdom were to join the euro: what the total requirement for the euro zone would be; and what the current stocks are. [6852]
§ Mrs. LiddellThe proposed Council Regulation (EC) on denominations and specifications of euro coins intended for circulation in countries which adopt the single currency has not been formally adopted. It proposes that three of the eight denominations of euro coins should be made of an alloy called Nordic gold. It is estimated that if this proposal were adopted, and if the United Kingdom were to participate in the single currency, approximately 20,000 tonnes of Nordic gold would be required to manufacture the necessary coins for circulation in the United Kingdom. The total required within the European Community if the proposal were to be adopted would depend on which countries participate in the single currency. Materials for coin production would be produced to order as required in such circumstances.