European Monetary System

Mr. Teddy Taylor
To ask the Chancellor of the Exchequer what is his assessment as to whether the conditions for entry into the exchange rate mechanism of the EMS have been met; and if he will make a statement.

Mr. Maude
The conditions have now been substantially met, and accordingly the Chancellor of the Exchequer announced the Government's decision to join the exchange rate mechanism of the EMS on 5 October.