European Central Bank
§ The Prime Minister
The Government remain opposed to the imposition of a single monetary policy managed by a European Central Bank as prescribed in stage 3 of the Delors report.
The Government have instead put forward proposals for a hard ecu managed by a European monetary fund. We will negotiate constructively at the forthcoming intergovernmental conference on the basis of these proposals in the hope and expectation that we can agree an outcome which satisfies the House of Commons and our European partners.