Economic and Monetary Union

Part of the debate – in the House of Commons at 4:53 pm on 24 January 1991.

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Photo of Mr John Smith Mr John Smith , Monklands East 4:53, 24 January 1991

A Treasury Minister asks what I am going to do. My suggestion will fulfil an important task, which is to bring the central bank to political accountability. That may not strike that Treasury Minister as of any importance, but it will strike many hon. Members as being right at the heart of the matter.

ECOFIN's role has already been growing. It reports regularly on economic conditions within the Community and already conducts so-called multilateral surveillance. There is growing interest in such ideas, particularly by the Government of France, whose views were quoted with approval by the Chancellor, and who have made similar proposals for the role of ECOFIN and will no doubt be pressing them during the intergovernmental conference so that they will come to the attention of other member states.