HC Deb 03 July 1985 vol 82 cc174-5W
Mr. Austin Mitchell

asked the Chancellor of the Exchequer whether he will publish in the Official Report a table showing for each month since the establishment of the European monetary system what effect the movement of the pound sterling had on the central rate of the European currency unit in terms of percentage shift.

Mr. Ian Stewart

Information on the effect of changes in the sterling exchange rate on the value of the European currency unit was provided in the form requested to 27 March 1985 in answer to a question from the hon. Member for Dagenham (Mr. Gould) on 1 April 1985, at columns504–506. A change in the exchange rate does not affect a country's central rate against the ECU. Since 17 September 1984, sterling's notional central rate against the ECU has been £0.585992. The table brings the earlier information up to date. All figures are end-month.

between the Smithsonion agreement and the setting up of the European monetary system, the change between that date and March 1983 and the change since March 1983.

Mr. Ian Stewart

The information requested is as follows:

* The nominal effective exchange rate against a basket of other currencies (those shown plus USA, Canada and Japan) has been adjusted by a weighted index of wholesale prices to derive the real effective exchange rate.

† Wholesale prices data not available for non-UK countries after February 1985.

Note: Figures for other EC countries not readily available in above form.