European Central Bank (Hansard, 3 December 1990)
HC Deb 03 December 1990 vol 182 cc44-5W
Mr. Allen

To ask the Prime Minister what is Her Majesty's Government's policy towards the establishment of a European central bank; and what proposals Her Majesty's Government have to ensure that such a bank would be politically accountable.

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.