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Mr. Austin Mitchell
To ask the Prime Minister what research studies he has commissioned into how fault lines in the ERM can be corrected; and what action he has initiated since September 1992 to correct them.
The Prime Minister
The European Council in Birmingham endorsed the view of Economic and Finance Ministers that the financial turbulence of last September called for reflection and analysis in the light of developments in capital markets and in the European and world monetary systems. This work is currently being carried forward.