HC Deb 15 June 1971 vol 819 cc225-6
27. Sir B. Rhys Williams

asked the Chancellor of the Exchequer if he will initiate discussions with a view to the setting up of a European Monetary Fund.

Mr. Barber

Such ideas may well have a place in the economic and monetary future of the European Economic Community. As members of an enlarged Community, we would look forward to playing a full part in the consideration of such developments.

Sir B. Rhys Williams

I welcome that reply. May I ask whether the rather comical clandestine monthly tittup to Basle by nameless notables, and their meetings there, could have a little less authority in future?

Mr. Barber

I am not sure about the point of my hon. Friend's supplementary question. I can only say that I have not recently been to Basle.

Mr. Deakins

Would not the creation of such a European fund detract from the value of the work being undertaken by the International Monetary Fund?

Mr. Barber

I do not think so. Obviously, the International Monetary Fund is, and must remain, the proper international forum for discussions on the world monetary system. In looking at my hon. Friend's Question, I assumed that he was thinking of something on the lines of the European Monetary Co-operation Fund, which was discussed in the Werner Report as a possible future development in European monetary integration.