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Single Currency And Exchange Rate Mechanism

Volume 623: debated on Wednesday 14 March 2001

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asked Her Majesty's Government:Whether, should the United Kingdom wish to join the Single Currency, it would need to rejoin the Exchange Rate Mechanism, as laid down in the third of the four criteria in Article 121 of the European Treaty; and, if not, what alternative requirements for exchange rate stability have been indicated. [HL1049]

As my honourable Friend the Economic Secretary made clear at the Treasury Select Commitee meeting on 11 July 2000, the Government have no intention of rejoining the Exchange Rate Mechanism.