§ 46. Mr. A. Hendersonasked the Prime Minister whether, in view of the fact that the sterling area system is the basis of Commonwealth economic relations, he will initiate discussions with the other Commonwealth Prime Ministers with a view to the establishment of a Commonwealth Central Bank.
§ The Prime MinisterThe importance of the sterling area system is well recognised and its problems are regularly reviewed by Commonwealth Ministers. The establishment of a Commonwealth Central Bank raises far wider considerations than can conveniently be dealt with by question and answer.
§ Mr. HendersonCould not the Prime Minister agree that it is becoming highly desirable that this basis of Commonwealth relations should be strengthened, having regard to many developments taking place throughout the world? Would not the establishment of such a bank be a definite contribution to such an objective?
§ The Prime MinisterI am sure the right hon. and learned Member would agree that this is a very large issue connected with the management of the whole sterling area. I am not clear, for instance, whether he has in mind a bank of issue or an investment bank.