§ Mr. Maude
The Government are fully committed to stage 1 of the Delors report recommendations; a commitment underlined by our decision to enter the exchange rate mechanism. We remain opposed to the imposition of a single currency as prescribed in stage 3 of the Delors report. On 20 June my right hon. Friend the Chancellor of the Exchequer set out alternative proposals for a "hard ecu" and a European monetary fund. We shall be arguing forcefully for our approach in and during the intergovernmental conference on EMU which opens on 13 December.