Written question asked by Lord Redwood (Conservative) on Monday, 16 March 1998, in the House of Commons. It was due for an answer on Thursday, 19 March 1998. It was answered by Baroness Liddell of Coatdyke (Labour) on Thursday, 19 March 1998 on behalf of the Treasury.

Treasury

Question: To ask Mr Chancellor of the Exchequer, if the Government plans to legislate to abolish the ecu.

Answer: Mr. Redwood: To ask the Chancellor of the Exchequer if the Government plan to legislate to abolish the ecu. [35216] Mrs. Liddell: No. The ecu, as referred to in Article 109g of the EC Treaty and defined in Council Regulation (EC) No 3320/94 of 22 December 1994, will become the single currency on 1 January 1999, in accordance with Article 1091(4) of the EC Treaty, and will be called the euro. Council Regulation (EC) No 1103/97 of 17 June 1997 which will be applicable in all member states, including the United Kingdom, provides confirmation that references to the ECU in contracts and other legal instruments, including legislation, will be presumed to refer to the euro.

Secondary information

Type: Written question
Reference: 35216; 308 c673W
Session: 1997-98
Subjects: Currencies Economic and monetary union Euro European currency unit