§ Lord Tebbitasked Her Majesty's Government:
Further to the Written Answer by the Lord McIntosh of Haringey on 25 November ( WA 15), why they will not say what are the "political and constitutional issues" concerning entry to the European Monetary Union which the Prime Minister has "resolved in his own mind". [HL292]
§ Lord McIntosh of HaringeyMy Written Answer (WA 15) of 25 November stated that the Government have acknowledged that joining EMU and sharing a common monetary policy represents a major pooling of economic sovereignty. The Government have said that the constitutional issue is a factor in the decision about whether to join the single currency but not an over-riding one. Rather, the determining factor in the decision is whether the economic benefits are clear and unambiguous. If they are, there is no constitutional bar to British membership of EMU.