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Green Currency

Volume 169: debated on Tuesday 13 March 1990

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To ask the Minister of Agriculture, Fisheries and Food what is the green currency discrepancy for each EC member nation at the most recent available date.

The table shows the real monetary gap (RMG) for the main commodities in each member state a s at 12 March 1990. This represents the percentage difference between the green and market rate of exchange used for agriculture.(2) what it the United Kingdom intervention price for wheat and the guide price for sheepmeat for each marketing year since 1980 in

(a) cash terms and (b) at 1990 prices.

The information requested is supplied in the table:

Common Wheat Intervention PriceReal monetary gap2Value of monetary discrepancy3Sheepmeat Guide1 priceReal Monetary Gap1Value of monetary discrepancy3
Beginning of Marketing Year£/tonne£/tonne4 1990 pricesper cent.£/tonne£/100kg£/100kg 1990prices4per cent.£/100kg
1 Unseasonalised guide price (85% of basic price).
2 Percentage difference between the green and market rate used for agriculture.
3 Real monetary gap applied to the intervention price for common wheat and the guide price for sheepmeat. A positive sign indicates prices above, and a negative sign indicates prices below, the level obtained by using market instead of green rates of exchange.
4 Using implied GDP deflator at market prices. 1989–90 estimates based on 1989 Autumn Statement.