§ Mrs.MayTo ask the Chancellor of the Exchequer what are the responsibilities of(a) Her Majesty's Treasury and (b) the Bank of England regarding work on EMU and the single currency. [11726]
§ Mr. Geoffrey RobinsonHM Treasury is the Department responsible for Government policy regarding economic and monetary union. On 24 July, HM Treasury published a booklet to inform businesses about the practical implications of EMU, which will arise whether or not the United Kingdom joins the single currency. The Treasury has also recently announced the establishment of an advisory group of private sector representatives to provide a two-way exchange between the Government and business about the practical effects of EMU.
The Bank of England participates fully in the work of the European Monetary Institute. The Governor is a member of the Council of the EMI. The Bank of England will continue to be responsible for co-ordinating preparations in the financial sector, especially the wholesale financial markets which will need to be able to use the euro whether or not the United Kingdom joins the single currency.