§ 4. Mr. Martenasked the Chancellor of the Exchequer what official discussions have now been held with the United States of America about the phasing out of sterling.
§ Mr. MartenIf sterling is phased out what effect will this have on the American dollar as a reserve currency?
§ Mr. BarberIt is quite wrong to suppose that any plans for phasing out the reserve currency rôle of sterling have been discussed with the E.E.C. or, indeed, any foreign Government. As my hon. Friend knows, all that has happened is that we have agreed that after our entry we shall be prepared to envisage a gradual and orderly rundown in the official sterling balances.
§ Mr. MaclennanDoes the right hon. Gentleman agree that talk about phasing out sterling is misleading, and typically misleading of the hon. Member for Banbury (Mr. Marten)?
§ Mr. BarberI can only repeat what I have just said, that it is quite wrong to suppose that any plans for phasing out the reserve currency rôle of sterling have been discussed with any of these countries.