§ Mr. Heathcoat-Amory
asked the Chancellor of the Exchequer whether any changes have been made to the agreement of 13 March 1979, as amended by the instrument of 10 June 1985, between the central banks of the European Community which lays down the operating procedures for the European monetary system.
§ Mr. Lilley
At their monthly meeting on 8 September 1987, the governors of the central banks of the member states of the European Community agreed on a number of measures to strengthen the operating mechanisms of the European monetary system. These relate to the duration of the very short-term financing on which central banks can draw through the European monetary co-operation fund (EMCF), the availability in certain circumstances of very short-term financing for intra-marginal interventions, and the acceptance of the official ecu in settlement of outstanding claims resulting from very short-term financing. The governors also agreed to strengthen the procedure for joint monitoring of economic and monetary developments and policies. The details arc set out in a comminqué from the committee of central bank governors dated 18 September, a copy of which is in the House of Commons Library.