Economic and Monetary Union — 30 Apr 1998

[Relevant documents: European Community Document No. 7424/97, and the Explanatory Memorandum on that document submitted by HM Treasury on 30th May 1997, on the Annual Report of the European Monetary Institute for 1996; Fifth Report from the Treasury Committee on the UK and Preparations for Stage Three of Economic and Monetary Union (HC 503-I, II and III).]

I beg to move,

That this House takes note of European Community Documents Nos. 7161/98 and 7188/98 consisting of reports from the European Monetary Institute and European Commission in accordance with Article 109j of the Treaty.

I beg to move, as an amendment to the motion, at end add:

'but regrets the Government's failure to deliver on the Prime Minister's pledge to the House on 4th June 1997 that "the criteria for monetary union should not be fiddled, fudged or botched in any way", and also the Government's failure during the British Presidency of the European Union to press for a strict interpretation of the Treaty requirements governing the eligibility of member states to join a single European currency, with consequential damage to British manufacturing industry through the perceived weakness of the euro and the resulting strength of sterling.'.

If Sweden is excluded on that ground--otherwise it would have been forced by law to join--why would we be allowed to join, as we did not voluntarily join the ERM?

Question put, That the amendment be made:--

The House divided: Ayes 138, Noes 287.

Historical Hansard | Online Hansard |