§ Mr. WellsTo ask the Chancellor of the Exchequer what assessment he has made of the implications of the rise in United States' domestic demand for prospects for the restoration of stability of the dollar exchange rate with the pound sterling.
§ Mr. LilleyExchange rate stability requires progress in eliminating excessive imbalances, in particular the United States budget and current account deficies as well as corresponding surpluses in Asia and Europe. Encouraging progress has been made, with legislation passed just before Christmas to reduce the United States budget deficit in 1988 and in 1989.