§ Mr. Spearing
To ask the Chancellor of the Exchequer if he will publish in convenient summary form in respect of each numbered and named phase of the Delors proposals for economic and monetary union, the articles, protocol or chapter of the treaty on European union (Cm 1934), which relate to the implementation of each of the proposed phases together with the relevant page numbers in Cm 1934.
§ Mr. Nelson
The Delors committee report on economic and monetary union in the European Community182W suggested a three-stage approach to the development of EMU. The treaty on European union, as set out in Cm 1934, also adopts a three-stage approach to EMU, although this does not correspond exactly to the Delors proposals. All EMU articles in the treaty come into effect on ratification, except where later commencement is indicated in article 109e, page 25 of Cm 1934. Transitional provisions are set out in article 109e—109m, pages 25–30 of Cm 1934. Similarly, all protocols come into force on ratification, except that where their provisions relate to treaty articles which are subject to later commencement the provisions will not have effect until the later date. Thus, the protocol setting out the statute for the European Monetary Institute, pages 104–111 of Cm 1934, and the protocol on the excessive deficit procedure, page 1ll of Cm 1934, will have effect on 1 January 1994. The protocol on the convergence criteria, page 112 of Cm 1934, will have effect when the Community takes decisions on the passage to the third stage of EMU as described in article 109j, pages 28–29 of Cm 1934, and the protocol on the statute for the European system of central banks and the European Central bank will have effect on the establishment of that institution, in accordance with article 1091, page 29–30 of Cm 1934.