HC Deb 15 June 1998 vol 314 cc107-8W
Mr. Flight

To ask the Chancellor of the Exchequer if he will calculate the size of the underground economy in the United Kingdom using the same criteria as the European Commission used to determine that of Italy. [44372]

Mrs. Liddell

All EU Member States submit Gross National Product (GNP) data to the Commission as part of the data requirements set out in Council Directive 89/130/EEC. This information is required to be complete in its coverage of economic activity as defined under the European System of Accounts (ESA 1979). A common methodology to cover the so called 'underground economy' was set down in Commission Decision C(93)3521 of 22 February 1994. Work to improve the harmonisation of these estimates continues.

Mr. Cohen

To ask the Chancellor of the Exchequer what estimate he has made of the money supply level of the euro relative to the total of the combined currencies of those countries merging for the euro; what forecast he has made of trends in the overall money supply level following the introduction of the euro; if he expects international demand for the euro to be met by an increase in money supply; and if he will make a statement. [45418]

Mrs. Liddell

Monetary policy in the euro area is the responsibility of the European System of Central Banks. The European Central Bank will be constructing statistics for euro area monetary aggregates.

Mr. Cohen

To ask the Chancellor of the Exchequer what role he will have in respect of the deliberations of the committee responsible for the Euro on its total money supply level; and if he will make a statement. [45419]

Mrs. Liddell

Monetary policy in the euro area is the responsibility of the European System of Central Banks.

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