EC Banking

Part of Oral Answers to Questions — National Finance – in the House of Commons at 12:00 am on 18 January 1990.

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Photo of Peter Lilley Peter Lilley The Financial Secretary to the Treasury 12:00, 18 January 1990

My hon. Friend knows that we considered that idea some 18 months ago, and we concluded that it is difficult to have a constitutionally independent central bank, such as exists in the United States and West Germany, within our Westminster constitution because the House, on behalf of the British people, expects the Government to be accountable and responsible for monetary and economic policy.