HC Deb 30 November 1998 vol 321 cc86-7W
Mr. Mitchell

To ask the Chancellor of the Exchequer what proposals have been placed before the Council of Ministers (ECOFIN) of the European Community for the formation of the Monetary Committee required under Article 109c of the Treaty of Maastricht and Article 114 of the proposed consolidated Treaty of that community; and if he will make a statement. [61725]

Ms Hewitt

In accordance with Article 109c(2) of the Treaty, the present Monetary Committee will be dissolved at the beginning of stage 3 of EMU (1 January 1999). The same Article requires that an Economic and Financial Committee (EFC) be set up as its successor.

On 25 February 1998 the European Commission presented its proposal for the formation of the EFC. This was circulated to Member States on 27 March 1998 (7189/98 COM(1998)110 final).

The proposal was deposited in Parliament on 7 April 1998 and an explanatory memorandum was submitted to Parliament on 22 April 1998. This cleared scrutiny on 27 April 1998 through the Lords Select Committee on the European Communities (the Chairman's 954th Sift) and on 29 April 1998 through the Commons Select Committee on European Legislation (26th Report Session—1997–98).

The tasks of the EFC are set out in the Treaty.