Below is the text of Mr Major’s written Parliamentary Answer on European Monetary Union on 8th May 1990.
Mr. Shore To ask the Chancellor of the Exchequer, following the meeting of the 12 Finance Ministers in Galway on 31 March and 1 April, what proposals have been made for the timetable of introducing phase 2 and phase 3 of European monetary union.
Mr. Major [holding answer 3 May 1990]: No such proposals have been made. It was agreed at the special meeting of the European Council on 28 April that the preparations for an intergovernmental conference on economic and monetary union which will begin in December this year should be intensified with the objective of finishing the work of that conference in time to permit ratification of the results before the end of 1992. It is too early to say how feasible such a target will be.