HC Deb 26 April 1990 vol 171 cc476-7
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.

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.

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