§ Sir Richard BodyTo ask the Chancellor of the Exchequer if the United Kingdom has official agreed to join the stability pact set out at Amsterdam in the presidency conclusions; at what point the United Kingdom will be bound by its provisions; and if he will make a statement. [10209]
§ Mrs. Liddell[holding answer 22 July 1997]: The stability and growth pact comprises two regulations and a resolution of the European Council. The first regulation, on the surveillance procedures, comes into force on 1 July 1998; and the second, on the excessive deficits procedures, comes into force on 1 Janaury 1999, in accordance with the timetable for the single currency. The pact creates no new legal obligations on the conduct of the Government's economic policy in view of the opt-out. Sanctions under the excessive deficits procedure cannot apply to the United Kingdom if we do not join the single currency.