Written question asked by William Cash (Conservative), in the House of Commons. It was due for an answer on Thursday, 26 June 1997. It was answered by Tony Blair (Labour) on Thursday, 26 June 1997 on behalf of the Prime Minister.

Prime Minister

Question: Pursuant to his oral statement of 18th June, Official Report, column 327, concerning the proposals for the exchange rate mechanism set out in Annex II to the Presidency Conclusions at Amsterdam if, by Resolution of the European Council to which Her Majesty's Government is a party, the United Kingdom has agreed to enter the exchange rate mechanism described in that Resolution, even if the United Kingdom does not enter the EMU on 1st January 1999 under the Protocol to the Third Stage of the Treaty of Maastricht. - (Holding answer 23 June 1997).

Answer: Mr. Cash: To ask the Prime Minister, pursuant to his oral statement of 18 June, Official Report, column 327, concerning the proposals for the exchange rate mechanism set out in Annex II to the Presidency Conclusions at Amsterdam if, by resolution of the European Council to which Her Majesty's Government are a party, the United Kingdom has agreed to enter the exchange rate mechanism described in that resolution, even if the United Kingdom does not enter the EMU on 1 January 1999 under the Protocol to the Third Stage of the treaty of Maastricht. [5069] The Prime Minister: [holding answer 23 June 1997]: No, as I said in the House of Commons on 18 June, the hon. Member's interpretation of the Resolution is not correct. The new exchange rate mechanism will, like the existing mechanism, be established by an intergovernmental agreement, on a voluntary basis. The Resolution recognises this, stating explicitly that "participation in the exchange rate mechanism will be voluntary for member states outside the euro area." There is no Treaty obligation for Member States to put their currencies into an exchange rate mechanism.

Secondary information