Single Currency

Part of Oral Answers to Questions — Wales – in the House of Commons at 12:00 am on 17 June 1996.

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Photo of Mr Llew Smith Mr Llew Smith , Blaenau Gwent 12:00, 17 June 1996

Does the Secretary of State accept that cuts of £18,000 million will be necessary to meet the convergence criteria for a single currency? Which services are most likely to be cut? Will it be health, education or social services? Does he also accept that almost all the major economic decisions would be transferred from democratically elected Parliaments to the most powerful quango not only in Wales but in the world—the European central bank?