EU Economic and Monetary Policy Controls

House of Lords written question – answered on 6th March 2001.

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Photo of Lord Shore of Stepney Lord Shore of Stepney Labour

asked Her Majesty's Government:

What additional requirements in the conduct of economic and monetary policy to those laid down in Title VI of the Treaty of European Union have been introduced by the 1997 Growth and Stability Pact.

Photo of Lord McIntosh of Haringey Lord McIntosh of Haringey Deputy Chief Whip (House of Lords), HM Household, Captain of the Queen's Bodyguard of the Yeomen of the Guard (HM Household) (Deputy Chief Whip, House of Lords)

I refer the noble Lord to Council Regulation EC No. 1466/97 of 7 July 1997, which strengthens the surveillance and co-ordination of member states' economic policies, and to Regulation EC No. 1467/97, also of 7 July 1997, which clarifies the implementation of the excessive deficits procedure. These regulations (then proposals) were submitted to Parliament under cover of a comprehensive Explanatory Memorandum on 3 June 1997.

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