Federal European Union And European Central Bank

EDM number 209 in 1990-91, proposed by William Cash on 10/12/1990.

That this House, in supporting the Prime Minister and the Government for a positive co-operative, democratic and free trading European Community and a wider Europe, rejects the support of the Labour Party and of the Liberal Democrats for the Final Declaration of the Rome Conference of the Parliaments of the European Community on 30th November by a vote of 189 to 13, with no discussion or amendments, 'seeking to re-model the Community into a European Community on a federal basis,' now in the Library; and further rejects the Draft Statute of the European System of Central Banks and of the European Central Bank of 27th November, now in the Library, which would, as a matter of primary European law, specifically prohibit either the Bank or the Bank of England from taking political instructions from any government or this Government or Parliament, which would sit in secret and vote by majority voting, which would formulate the monetary policy of the Community, including key interest rates and supply of reserves, the Board being empowered to give instructions to national central banks, its council having the exclusive right to authorise the issue of notes within the Community, being the only notes to have legal tender status according to Community legislation, the Bank being endowed by the national central banks with foreign reserve assets of an unspecified volume subject to further calls and being subject to the rulings of the European Court of Justice.

This motion has been signed by a total of 2 MPs.