§ 2.41 p.m.
§ LORD BARNBYMy Lords, I beg to ask the Question which stands in my name on the Order Paper.
§ [The Question was as follows:
§ To ask Her Majesty's Government whether they are committed not to take any action which might result in a change in the present official exchange rate of the pound to the U.S. dollar, without previous consultation with other member countries of O.E.E.C.; if so, is such consultation to be secret or to be made public in advance through Parliament or other official channels.]
3§ THE EARL OF SELKIRKMy Lords, there is no commitment in the terms mentioned by the noble Lord. The United Kingdom is, of course a member of the International Monetary Fund, and the Articles of Agreement of the Fund lay down certain rules which bind the United Kingdom about the par value of members' currencies. Under one of these articles a change in the par value of a member's currency may be made only after consultation with the Fund. Many European members of the O.E.E.C. are, of course, members of the Fund. Since, in the case of the pound sterling, the question of any such change is entirely hypothetical, the second part of the noble Lord's Question does not arise.