§ Mr. RowlandsTo ask the Chancellor of the Exchequer whether he will list the grounds upon which the Norwegian Government's request for association with the European monetary system was rejected; and whether he will make a statement upon the United Kingdom's position.
§ Mr. Maples[holding answer 29 November 1991]: No request for a formal association with the EMS has been received. In common with other EC member states the United Kingdom welcomed the Norwegian decision to link the krone to the ecu in October 1990 as a positive contribution to exchange rate stability in Europe. The Government also fully support the related bilateral swap arrangements between EC central banks, including the Bank of England, and the Norwegian central bank which give the Norwegian central bank access to short-term funds for intervention purposes.