HL Deb 22 June 2000 vol 614 c38WA
Lord Shore of Stepney

asked Her Majesty's Government:

Whether the provisions of the Stability and Growth Pact of 1997 will apply to the United Kingdom and other states which have not joined the single currency as well as to the eleven single currency states. [HL2789]

Lord McIntosh of Haringey

Under the terms of the protocol on certain provisions relating to the United Kingdom of Great Britain and Northern Ireland, Article 104(1) (ex Article 104C(1)) shall not apply to the United Kingdom unless it moves to the third stage of EMU. Instead, Article 116(4) (ex Article 109e(4)) will continue to apply.

Furthermore, Council Regulation (EC) No 1467/97 states that Articles 104(9) and 104(11) shall only apply to member states which have adopted the single currency.