HC Deb 05 July 2001 vol 371 cc312-3W
Llew Smith

To ask the Chancellor of the Exchequer if he will make a statement on the scope available to Ministers to intervene in the decisions of the European central bank in circumstances where they deem that the ECB Board has taken a decision which has a negative impact on EU member state economies. [1762]

Ruth Kelly

According to Article 108 of the treaty, when exercising the powers and carrying out the tasks and duties conferred upon them by the treaty and the statute of the European system of central banks, neither the European central bank, nor any member of its decision-making body, shall seek or take instructions from community institutions and bodies, from any Government of a member state or from any other body.