It seems that we are revisiting the whole argument about a European central bank. Many of us have the deepest misgivings about the establishment of such a bank, with no accountability to member states and an office life of eight years, in which it can do what it likes, provided that it supports the market economy throughout Europe, despite the social consequences. There is no time limit on the period of office of the political directors, and there is nothing about who they would be or where they would come from. But I ask the quite serious question: what on earth are these political directors to do, where do they come from, to whom are they answerable and how do we get rid of them if we do not like what they do?

Speech in the House of Commons (30 March 1993).