§ Mr. Marten
asked the Chancellor of the Exchequer what is the status of European Economic Community draft Instrument—COM (74) 696 Final of 8th May 1974—which provides for rules whereby a member State shall give notice to other members of the European Economic Community and the Commission before changing its currency exchange rate and which is marked "secret and confidential"; why it is intended that the Council decision shall not be published; and what is Her Majesty's Government's policy towards this proposed instrument.
§ Mr. Dell
The Commission document referred to incorporates a draft Council decision to which member States have been invited to convey their agreement in writing. Her Majesty's Government have 505W not yet done so as parliamentary scrutiny is in progress. Her Majesty's Government have no objection to the rules in the decision. They should facilitate consultation between EEC member States when decisions to alter exchange rates are being made. This should help to preserve orderly conditions in the market. It is normal for such matters to be treated with discretion.