WRITTEN QUESTION E-3181/00 by Theresa Villiers (PPE-DE) to the Commission. ERM II.
Date: 2000-10-10
Institutions: European Parliament, Provisional data
Subjects: European Monetary System, United Kingdom, convergence criteria, euro, exchange-rate mechanism, fluctuation margin, monetary integration

8.5.2001

EN

Official Journal of the European Communities

C 136 E/199

(cid:129) Is it not significant that not only was Mrs de Palacio involved in taking the decision concerned, but
also that the current government, which wants to achieve a particular result, is the same as the one to
which she belonged?

(cid:129) How can the Vice-President(cid:146)s independence be guaranteed under such circumstances?

Answer given by Mr Monti on behalf of the Commission

(30 October 2000)

1.
For the reasons outlined on behalf of the Commission by the Member with responsibility for
competition (in his answer to the Honourable Member(cid:146)s Written Questions E-1761/99 and P-1889/
99 (1)), the Commission(cid:146)s decision on this matter will be taken in line with the principle of collective
responsibility.

2.
The fact that a Member of the Commission has belonged to a particular government should not
prevent that Member from taking part in the Commission(cid:146)s decision-making process. In this context the
Honourable Member(cid:146)s attention is drawn to the provisions of Article 213(2) of the EC Treaty (formerly
Article 157).

(1) OJ C 170 E, 20.6.2000.

(2001/C 136 E/232)

WRITTEN QUESTION E-3181/00

by Theresa Villiers (PPE-DE) to the Commission

(10 October 2000)

Subject: ERM II

Should the UK decide to join the euro, does the Council believe that the Treaty would require the UK

1.
to join ERM II prior to joining the euro and, if so, for how long?

If membership of ERM II is not a pre-requisite of membership, how would the UK be expected to

2.
fulfil the exchange rate stability requirements contained in the Treaty?

Answer given by Mr Solbes Mira on behalf of the Commission

(20 November 2000)

Should the United Kingdom decide that it wishes to adopt the euro, the Council will undertake a broad
assessment of its eligibility to do so. This broad assessment will cover a number of criteria. As far as the
exchange-rate stability criterion is concerned, the relevant EC Treaty provision is the third indent of Article
121(1) (ex Article 109j). This specifies that the exchange-rate criterion is (cid:145)the observance of the normal
fluctuation margins provided for by the exchange-rate mechanism of the European monetary system, for at
least two years, without devaluing against the currency of any other Member States(cid:146). Article 3 of the
Protocol on the convergence criteria also makes reference to the (cid:145)criterion on participation in the
exchange-rate mechanism of the European monetary system referred to in the third indent of Article
121(1) of this EC Treaty.(cid:146)

It should be noted that neither the decision to widen the Exchange rate mechanism (ERM) band to – 15 %
from – 2,25 % nor the move to the ERM II are considered valid reasons to remove the requirement of
ERM/ERM II membership. Therefore, in order to be consistent with the Treaty provisions, the participation
of sterling in the ERM II for two years prior to the United Kingdom adopting the euro would be expected,
although exchange rate stability during a period of non-participation would be taken into account.