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Volume 409: debated on Friday 18 July 2003

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To ask the Chancellor of the Exchequer if he will make a statement on the treatment of the membership of the euro under the draft Constitutional Treaty on the Future of Europe. [125714]

The constitutional treaty produced by the European Convention confirms that "those member states which have not adopted the euro, and their central banks, shall retain their powers in monetary matters." (1–29.4). The constitutional treaty does not alter the terms of the UK's EMU protocol. The UK's EMU protocol will be re-adopted on the conclusion of the IGC.