The European Scrutiny Committee published yesterday a report on the Economic and Monetary Union, which analyses the European Commission Communication, A blueprint for a deep and genuine EMU — Launching a European debate and the President of the European Council Report, Towards a genuine Economic and Monetary Union.
The European Scrutiny Committee reached the following conclusions:

We note both the Government's reiteration of its general policy in relation to UK membership of the eurozone and to policies proposed in relation to the eurozone problems and the two specific comments on the Van Rompuy Report. However we are deeply concerned about the possible implications for the UK of what is proposed. In addition to the issue of a threat to the single market for financial services, already exemplified by the current Banking Union proposals, there is the question of democratic legitimacy and accountability. We note that the Van Rompuy Report states that the organisation and modalities of this "are a responsibility of the European Parliament and national parliaments to determine jointly" but we are concerned:

· at the implications of the apparent presumption in the reports about the primacy of the European Parliament; and

· the implicit presumption that democratic legitimacy and accountability of a new strengthened EMU framework and cooperation under Article 13 of the SCG treaty should necessarily be considered within the context of the European Semester.

So we expect the Prime Minister to secure very robust language in the Conclusions of the forthcoming European Council about the single market and the role of national parliaments. We intend to recommend that these documents be debated on the Floor of the House in the light of those Conclusions. To that end we should like to receive from the Minister immediately after the Council a detailed account of how the Conclusions meet the concerns expressed in this Report about the single market and the role of national parliaments.”
To read the report, click here.

Bill Cash MP, was quoted by the Daily Telegraph as saying
"The Prime Minister needs to be aware, as he discusses these matters that the debate has moved on from specific concerns about individual issues to fundamental questions which involve our democracy,"