Economic and Monetary Union

Treasury written question – answered at on 16 April 2007.

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Photo of Bill Cash Bill Cash Conservative, Stone

To ask the Chancellor of the Exchequer whether the statement that the euro makes us strong contained in the Berlin Declaration of 25 March 2007 forms part of the Government's European policy.

Photo of Edward Balls Edward Balls The Economic Secretary to the Treasury

The Government's policy on membership of the single currency was set out by the Chancellor in his statement to the House of Commons in October 1997, and again in the Chancellor's statement on the five tests assessment in June 2003. The determining factor underpinning any Government decision on membership of the single currency is the national economic interest and whether the economic case for joining is clear and unambiguous.

The Chancellor announced in Budget 2007 that, "the Government does not propose a euro assessment to be initiated at the time of this budget". The Treasury will again review the situation at Budget time next year as required by the Chancellor's June 2003 statement.

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