I remember that, after the European Council meeting at Strasbourg, my right hon. Friend the Prime Minister reported to the House on the sort of procedures that would be undertaken. Further to that, we got on with the basic organisational work—which was purely organisational. Subsequently, we have presented an explanatory memorandum to the Select Committee on European Legislation, and have carried out the work that was necessary to enable us to implement the decisions made at Strasbourg last December.

My right hon. Friend the Chancellor of the Exchequer and our ambassador in Paris signed the articles of agreement for the United Kingdom, and the European Commission and the Irish presidency signed on behalf of the Community. However, the House's approval of the two draft orders is requested tonight before the Government move to ratify the agreement. The agreement could not even have been considered further unless it had been signed by all the members back in May. Equally, the scrutiny aspect will need to be resolved to the satisfaction of the House, and it was on that matter that I consulted the Chairman of the Select Committee.

Members of the new bank will include the world's leading economic powers—all members of the Organisation for Economic Co-operation and Development—including Japan, the United States and, of course, all European Community member states, the European Economic Community itself and the European Investment Bank. All the emerging democracies of central and eastern Europe have signed and are potential recipients. Assistance from the new bank will be an important element in their continued progress towards political and economic reform.

However, the new bank has attracted support not only from the free-market West, but also from the old communist East. Egypt, Israel, the republic of Korea, Mexico and Morocco have also signed the articles; so it is truly an international effort, and we must ensure that the impetus of that effort is maintained.

The articles of agreement will come into force—and the bank will come into existence—only when ratified by signatories representing two thirds of the total voting power, including at least two countries from central and eastern Europe. It is thus imperative that the process of ratification be completed thoroughly but quickly: France has already done that.

We want to exercise our vote when the first decisions are made on bank strategy and investment proposals. As host nation, the United Kingdom wishes—with the consent of both Houses of Parliament to the draft orders —to be among the first to ratify, so encouraging early ratification by others. The president-designate, Mr. Attali, wants the agreement to enter into force early next year, so that the bank can begin quickly to make its vital contribution to the development of eastern European economies, and hence underpin the emerging free-market democracies. That would be consistent with the leading role that the Government have taken in encouraging reform in eastern Europe, and in ensuring that the Community responds positively to it.