HC Deb 23 July 1997 vol 298 cc590-1W
Sir Richard Body

To ask the Chancellor of the Exchquer which statistical sources will be used to identify the fulfilment of the criteria for EMU convergence. [10015]

Mrs. Liddell

[holding answer 22 July 1997]: Protocol (No. 6) on the convergence criteria referred to in article 109j of the treaty establishing the European Community states The statistical data to be used for the application of this Protocol shall be provided by the Commission".

Sir Richard Body

To ask the Chancellor of the Exchequer what research he has(a) commissioned and (b) evaluated on the redenomination of Government debt from sterling into euros under a single currency; and if he will make a statement. [10205]

Mrs. Liddell

[holding answer 22 July 1997]: The report of the working group on the gilt market after EMU recommended, if the United Kingdom joins EMU, complete and simultaneous redenomination of existing gilts from sterling into euro by law; this should take place early in 1999 if the UK joins EMU at the outset or as soon as possible after it joins if it participates at a later date".

HM Treasury was represented at the working group, which was convened by the Bank of England, and included a wide range of market participants. The report does not necessarily represent the views of the Government. The report was published in the Bank's "Practical Issues Arising from the Introduction of the Euro"—No. 3, December 1996.

Sir Richard Body

To ask the Chancellor of the Exchequer if he will commission research into the potential effects on the world gold price of the sale of excess reserves by states participating in the single currency; and if he will make a statement. [10197]

Mrs. Liddell

[holding answer 22 July 1997]: Developments in the world gold market are kept under continuous review as part of the normal process of managing the official reserves.