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Exchange Rate Mechanism

Volume 171: debated on Thursday 26 April 1990

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To ask the Prime Minister what co-ordination there is between officials at 10 Downing street, Her Majesty's Treasury and the Bank of England for the starting date of United Kingdom entry into the European exchange rate mechanism.

I refer my hon. Friend to the reply that I gave to the right hon. Member for Yeovil (Mr. Ashdown) on 3 April at column 1029.

To ask the Prime Minister whether she will reconsider the conditions for entry to the exchange rate mechanism of the European monetary system set out at the Madrid summit in July 1989 with a view to adding the successful union of the deutschmark and the ostmark as a necessary precondition for British entry.

The Government stand by the Madrid conditions. When those conditions are fulfilled, we shall join the exchange rate mechanism.