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Mr. Austin Mitchell
asked the Chancellor of the Exchequer whether he will circulate in the Official Report a table showing for each of the principal exporting countries, Canada and Sweden the change in the effective exchange rate for each quarter since the Smithsonian agreement, on a trade-weighted basis, in the form of an index, or otherwise.
Mr. Lawson
The figures are as follows:
| EFFECTIVE EXCHANGE RATES (MERM WEIGHTS, MAY 1970 = 100) | ||||||||||
| United States | Canada | Japan | Germany | France | Italy | Netherlands | Belgium | Sweden | United Kingdom | |
| 1971 | 96·8 | 106·4 | 102·4 | 103·6 | 98·4 | 98·8 | 101·0 | 100·3 | 99·7 | 100·0 |
| 1972— | ||||||||||
| First quarter | 90·2 | 104·8 | 113·3 | 107·2 | 100·7 | 98·2 | 103·2 | 103·5 | 101·1 | 100·9 |
| Second quarter | 89·5 | 105·8 | 114·0 | 107·2 | 101·8 | 98·2 | 102·2 | 103·0 | 101·4 | 100·3 |
| Third quarter | 89·4 | 106·8 | 115·1 | 107·0 | 102·3 | 98·6 | 102·2 | 103·2 | 102·3 | 94·3 |
| Fourth quarter | 90·0 | 106·4 | 115·6 | 106·8 | 101·9 | 98·8 | 102·0 | 103·3 | 102·5 | 91·4 |
| 1973— | ||||||||||
| First quarter | 86·0 | 104·0 | 122·4 | 109·7 | 103·7 | 95·9 | 103·3 | 104·2 | 102·7 | 90·0 |
| Second quarter | 82·1 | 102·1 | 126·3 | 115·9 | 107·4 | 88·8 | 103·8 | 105·1 | 103·0 | 90·5 |
| Third quarter | 79·3 | 100·8 | 123·2 | 127·9 | 108·1 | 86·7 | 106·4 | 105·1 | 105·7 | 85·3 |
| Fourth quarter | 81·8 | 102·2 | 121·0 | 123·7 | 106·0 | 87·5 | 109·1 | 103·3 | 103·0 | 84·1 |
| 1974— | ||||||||||
| First quarter | 85·7 | 105·9 | 117·5 | 122·2 | 99·0 | 83·6 | 109·0 | 102·6 | 99·8 | 84·2 |
| Second quarter | 82·6 | 106·3 | 119·4 | 128·5 | 96·0 | 81·4 | 112·0 | 106·1 | 104·1 | 85·8 |
| Third quarter | 84·3 | 105·4 | 113·2 | 124·1 | 100·1 | 80·8 | 112·5 | 106·4 | 103·7 | 85·3 |
| Fourth quarter | 84·0 | 104·7 | 111·3 | 127·3 | 101·9 | 78·2 | 113·3 | 106·9 | 106·2 | 83·7 |
| 1975— | ||||||||||
| First quarter | 81·3 | 102·2 | 111·4 | 131·4 | 106·1 | 77·7 | 115·2 | 109·3 | 110·6 | 82·8 |
| Second quarter | 81·4 | 99·7 | 111·6 | 129·4 | 111·5 | 78·4 | 114·6 | 108·1 | 111·5 | 80·1 |
| Third quarter | 85·2 | 100·4 | 112·6 | 124·9 | 109·8 | 77·8 | 111·9 | 105·2 | 106·9 | 76·2 |
| Fourth quarter | 86·2 | 102·2 | 111·2 | 124·5 | 109·8 | 77·1 | 112·1 | 103·8 | 106·0 | 74·0 |
| 1976— | ||||||||||
| First quarter | 86·9 | 104·9 | 112·4 | 127·2 | 108·7 | 68·7 | 113·1 | 104·6 | 107·1 | 73·0 |
| Second quarter | 88·1 | 107·2 | 114·9 | 130·6 | 106·4 | 61·7 | 113·7 | 106·0 | 108·0 | 66·7 |
| Third quarter | 87·7 | 107·2 | 118·4 | 132·4 | 101·1 | 63·4 | 115·7 | 106·7 | 108·4 | 65·0 |
| Fourth quarter | 88·0 | 105·8 | 116·9 | 139·1 | 98·4 | 61·1 | 120·8 | 111·0 | 113·4 | 60·4 |
| 1977— | ||||||||||
| First quarter | 88·0 | 101·6 | 120·3 | 140·0 | 98·5 | 59·4 | 121·2 | 111·1 | 112·8 | 62·7 |
| Second quarter | 87·4 | 99·0 | 124·9 | 141·4 | 98·5 | 58·8 | 122·0 | 111·9 | 108·8 | 62·5 |
| Third quarter | 86·8 | 97·1 | 129·0 | 144·0 | 99·0 | 58·6 | 121·5 | 112·4 | 104·4 | 62·7 |
| Fourth quarter | 84·7 | 93·4 | 138·1 | 146·9 | 98·1 | 57·6 | 121·4 | 112·3 | 97·6 | 64·2 |
| 1978— | ||||||||||
| First quarter | 81·9 | 91·3 | 141·0 | 152·6 | 95·9 | 56·7 | 125·2 | 116·0 | 98·0 | 66·3 |
| Second quarter | 80·7 | 89·7 | 152·0 | 151·3 | 98·8 | 56·2 | 124·4 | 114·4 | 98·1 | 62·4 |
| Third quarter | 76·6 | 86·9 | 171·5 | 150·5 | 100·3 | 55·7 | 122·4 | 113·0 | 98·2 | 63·3 |
| Fourth quarter | 75·2 | 83·6 | 171·2 | 158·0 | 99·2 | 54·4 | 126·1 | 116·3 | 98·8 | 63·6 |
| 1979— | ||||||||||
| First quarter | 76·1 | 83·3 | 161·5 | 160·0 | 100·1 | 53·9 | 127·5 | 117·2 | 98·7 | 64·9 |
| Second quarter | 77·8 | 86·1 | 150·0 | 159·1 | 99·1 | 54·3 | 126·1 | 115·6 | 99·6 | 68·3 |
| Third quarter | 76·4 | 85·0 | 147·0 | 162·3 | 99·9 | 55·0 | 126·2 | 116·8 | 101·3 | 72·1 |
| Source: International Financial Statistics. | ||||||||||