§ Mr. Tim Smithasked the Chancellor of the Exchequer what discussions he has had with the Irish Government about the break with sterling that will occur if Ireland joins the European monetary system and the United Kingdom does not; 72W what preparations are being made for this eventuality; and what steps are being taken to ensure that trade and financial links are not disrupted.
§ Mr. Healey:My officials have had discussions with their Irish colleagues, on a purely hypothetical basis, about what might be necessary if the Irish Government decided to break the link with sterling in the circumstances described. The need to avoid unnecessary harm to trade and financial links has been an important consideration in these talks.