§ Lord Pearson of Rannoch
asked Her Majesty's Government:
Further to Lord Mackay of Ardbrecknish's reply of 14th January 1997 (WA 27), how they, as part of the Council of Ministers, will use the joint reports of the Commission and the EMI to judge whether member states,"fulfil the necessary conditions for admittance to a single currency"; and whether the Council's decisions will require unanimity.
§ The Minister of State, Department of Social Security (Lord Mackay of Ardbrecknish)
The Commission and EMI reports will, in accordance with Article 109j(1), report on the achievement by each member state of a "high degree of sustainable convergence". The Government believe that, if EMU is to go ahead, it is important that sustainable convergence is achieved. They will make a judgment as to which member states meet the necessary conditions for adopting the single currency on that basis.
The Council's decisions under Article 109j(2) will he by qualified majority.