§ Mr. Sillars
To ask the Chancellor of the Exchequer what substantial differences Her Majesty's Government have identified between the model set out by the Dutch EC Presidency for an independent European central bank and the Bundesbank.
§ Mr. Maude
The model to which the hon. Gentleman refers is set out in a document produced by the EC Presidency as a basis for further negotiation at the Inter-Governmental Conference on Economic and Monetary Union. The United Kingdom and other member states are not committed to any particular part of its contents.
The Government have not sought to draw comparisons between the institution proposed in that document and the German Bundesbank.