To ask the Prime Minister what mechanisms exist for revaluation within the exchange rate mechanism; how often they have been used; and if she will make a statement.

I refer the hon. Member to section 3.2 of the resolution of the European Council of 5 December 1978 on the establishment of the European monetary system (EMS) and related matters, a copy of which is in the Library of the House. Since the inception of the EMS on 13 March 1979, there have been 12 realignments of currencies in the exchange rate mechanism.