Exchange Rate Mechanism (Hansard, 26 April 1990)

HC Deb 26 April 1990 vol 171 cc476-7 476

§ 17. Mr. Frank Field
To ask the Chancellor of the Exchequer when he expects the Madrid conditions for exchange rate mechanism participation to be satisfied.

§ Mr. Major
In due course.

§ Mr. Field
Do the Government believe that all the conditions for entry, including those related to inflation, will be met by next year?

§ Mr. Major
We must wait and see, but when the conditions are met we shall join the exchange rate mechanism.

477

§ Mr. Latham
What specific features of the Bretton Woods agreement were so successful that we should want to recreate them now?

§ Mr. Major
I think that we now find ourselves in a different set of circumstances, in which a greater degree of exchange rate stability would be extremely useful for everyone.