The simple answer is, because this is a gravitational pull, which is moving the whole process from the basis of the Single European Act, which was a perfectly reasonable basis to start from, into a relationship which has been materially changed by the provisions on economic and monetary union, especially those connected with stage 2. The Minister understands that perfectly well, as he has been a party to it throughout.
The Minister appeared before the Select Committee on European Legislation the other day. As will be seen from the transcript of the Committee's proceedings, he went to considerable lengths to attempt to divert attention from the provisions of stage 2 on economic and monetary union. He did so because he knows that they are having a profound impact not only in their gravitational pull but in cutting the umbilical cord through the creation of a European Monetary Institute, which in turn will require the Governor of the Bank of England neither to seek nor to take instructions from the Chancellor of the Exchequer in the House, and thereby from the people of this country —the people who put us all into our positions as Members of Parliament, and put the Government into power. If the Minister does not think that those provisions go beyond gravitational pull and actually create a completely new dimension, I should like to know what his answer would be.