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European Monetary System

Volume 14: debated on Monday 30 November 1981

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asked the Chancellor of the Exchequer to what extent he considers a decision by the United Kingdom to join the European monetary system exchange rate mechanism would have a significant effect on the freedom of Her Majesty's Government to carry out the economic management of the United Kingdom; and if he will make a statement.

[pursuant to the reply, 27 November 1981, c. 496]: The European monetary system exchange rate arrangements seek to promote, rather than to exact, convergence and stability. But I have seen no evidence that they relieve participants of responsibility for management of their economies.

August 1981, reprinted in the Bank of England Quarterly Bulletin, September 1981 and in the Bank's press notice on the September money supply figures.

Otherwise, there are no plans to revise the definitions of the monetary aggregates. My right hon. and learned Friend the Chancellor of the Exchequer will set out the financial objectives for our strategy in his next Budget.